|Image courtesy of David Castillo Dominici at FreeDigitalPhotos.net|
Well, did you see this headline on Yahoo Finance?
"22-year-old college student blows her $90,000 college fund and blames her parents" The article outlines a radio interview conducted by the Atlanta radio show “The Bert Show.” Excerpts from the article and interview:
"The woman, a 22-year-old college junior named Kim, ... she had managed to blow through a $90,000 college fund left to her by her grandparents. Kim has one year left of school and no way to cover her remaining $20,000 tuition balance."
“Maybe [my parents] should have taught me to budget or something. They never sat me down and had a real serious talk about it.”
“[My parents] said there was nothing they could do for me. They’re not being honest with me saying they don't have [money] because my dad has worked for like a million years and they have a retirement account.”
I truly do not believe this type of behavior is limited to our younger generation. The idea of creating Trusts has been around for quite some time. This case illustrates one good reason to consider creating a Trust rather giving the entire amount to a young adult.
If this young lady's grandparents would have placed this money in a Trust, they could have protected the girl from herself and provided her with the guidance she blames her parents for failing to provide her. They could have placed a mature individual or a financial institution to guide her and ensure she maximized the use of her gift for its intended purpose; school. The costs of managing the Trust may have been greater but the result would probably been more favorable.
If you want assistance, legal representation, or just want to know more about Mark M. Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at www.whhmlaw.com.
#Bucks_County #lawyer #lawyers, #MontgomeryCounty #Souderton #Law_Firm #Wills #Power-of-Attorney #Living_Will #Healthcare #Trusts