For trust funds, set a concrete goal.Q: My mom (1) (Messaging-Oriented Middleware) See messaging middleware. (2) (Microsoft Operations Manager) Software that monitors and captures system and application events throughout the network. and I are interested in establishing a trust fond. Are there any online sources that can provide information? --DeVawn Porter Southfield, Michigan Southfield is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit and is part of the metro Detroit area. As of the 2000 census, the city had a total population of 78,296. Southfield Township is adjacent to the city on the north side. A: Going on the Net is certainly one way to obtain information on establishing a trust fund. But first establish the purpose for setting up a trust fund or custodian account custodian account An account controlled by a custodian rather than the owner of the assets. Custodian accounts are often used for minors or other individuals who are unable or unwilling to handle their own assets. . No matter how young the child is, "establish with your child what the goal is," says Gall Perry-Mason, vice president of investments at First of Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). in Detroit--a division of Fahnestock in New York--whether it's saving for a college education or to buy a new car. There are several ways to invest money for your child's future. Two of the most frequently used are through the Uniform Gift to Minors Act (UGMA See Uniform Gifts to Minors Act. UGMA See Uniform Gifts to Minors Act (UGMA). ) or the Uniform Transfer to Minors Act. A number of mutual fund companies, brokerage firms and banks can provide you with this option. We suggest using a couple of good search engines, like Yahoo! (www. yahoo.com) or AltaVista (www.altavista.com), using key words "trust fund," "Uniform Gift to Minors Act" or "Uniform Transfer to Minors Act." Be warned: do as much research as you can before setting up your account. On an alternating basis, our Personal Finance Editor Ivan Cintron and Editor-at-Large Derek T. Dingle will answer your questions about money management and investing. |
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