We met with our financial planner last week to create an investment vehicle for our adopted daughter. Our financial planner is a very close friend of our family. As we were setting up the investment and we were going through our finances, he suggested that we put everything in our name and have it pass to a trust for her upon our death, instead of putting everything in her name directly.
My daughter's family is very impoverished due to their own choices. They have chosen to put drugs and vice above other priorities. They have conducted themselves in a way that could be seen as them being very interested in squeezing whatever money they can from us, the system, and others.
Our financial planner pointed out our adopted daughter's birth family's actions during the adoption and mentioned that our daughter would ultimately reunite with her birth family. He warned us to use our ownership and the trust as a safeguard to prevent our daughter from being manipulated into giving them money.
We are not rich, but our daughter will receive a somewhat sizable inheritance. We save for her because we want to try to do what we can to make her life easier. We have raised her to be compassionate and religious. We would hate for her family to ask her for money when she is young and does not understand that their financial situation is the result of their poor choices.
Has anyone else encountered this?
Asked by Anonymous at 10:34 PM on Feb. 13, 2011 in Adoption
Answer by DDDaysh at 11:07 PM on Feb. 13, 2011
Answer by Southernroots at 12:42 PM on Feb. 15, 2011
Answer by liteofmine71 at 9:57 AM on Feb. 17, 2011
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