trust

[scclark9]

What is the name of your state (only U.S. law)? fl

My son, who is now 18, received a settlement in 2008 for an accident he was in. At the time, he was a minor and the money was deposited into my personal account. My intention is to hold the money for school, a vehicle, or some other big ticket item he may need in the future. He is aware of this and is in agreement. My problem is I am currently under IRS audit and will more than likely owe money. What can I do with his money> I have documents proving it is his money. Can I take the money out? Do I put it in trust? If I put it in trust, can I use it whenever he needs something or is it delegated to him at a certain age. He starts school this fall but I am not keen on giving him $13,000 at his discretion. I also dont want the IRS to take his money because I owe.

Thanks for the help

 

[tranquility]

Unless there was a limitation placed on it in the settlement and/or you used some of the money for son appropriately, it's his money now and you really don't have the right to control it (or put it in a trust) unless he wants it.

 

[curb1]

Pay the IRS and the problem is solved.