<p>Very admirable, nova.</p>
<p>DS’s passport and soc sec card were with the bonds, and he will need one of them for his job, so he said he would take his passport. I suggested he go put it in a place where he can keep up wit hit. Then he promptly left it on my computer station!</p>
<p>There is a legal issue and a relationship issue. The money in an account in his name is actually his, unless I’m not understanding something. Then there’s the agreement over how it is to be used.</p>
<p>It doesn’t sound like either kid is likely to be irresponsible, but I don’t like big sums of money that I’ve earned for their future to be in the hands of a kid under the age of 25 or perhaps even 30. [My kids are younger than yours]. Both of my kids would listen to my advice about long-range plans and savings but I prefer to have control over the funds I’ve set aside for their future. But, the possibility of a significant mistake of judgment is there. In a life insurance trust, I had things going into trust until age 30 and at that age, I figured that they would have reached maturity. However, I know of 50+ year old adults, who is they received a payment of $500K would blow it on stupid things in a year and think one should establish trusts for them to protect them from themselves.</p>
<p>I set up Roth IRAs for them to put their employment earnings in, plus 529 plans for college/grad school (in my wife’s name with each as a beneficiary). I had someone set up a dynasty trust, which is being funded bit by bit. Education, health, and housing are priorities, so it could fund education directly or down payments on houses, etc. That control would last for as long as the trust lasts.</p>
<p>I set up UTMA accounts for each and ShawSon’s has grown large-ish due to allowance for a number of years plus the fact that he doesn’t spend very little. He makes pocket money playing poker and as a research assistant. ShawD is more of a spender but she is very responsible about paying from her account for something we say is hers and not ours. ShawSon less so. ShawD is going to school in Canada so we set up Canadian accounts for her (we already had an account at that bank) but she is paying her Canadian bills on her own. [So far, on time].</p>
<p>The one intermediate step you might consider jym is to make sure that you can monitor the accounts electronically. It sounds like that is where you have come out. We’ve set that up on all accounts and the kids have no trouble allowing that (it also makes it easier for me to transfer money in). So, I know if big expenditures are taking place or if money is being spent on credit cards. That way you could point this out even though the choices are his.</p>
<p>Sounds like we are on the same page, Shawbridge (except we are’t at the stage necessitating Dynasty trusts-- that would be a nice place to be 
). Today we talked about the nice retirement home our son will put us in. He suggested bunk beds for us. I said if he picked a really nice one then we wouldnt notice if he never visited.
We manage to have these silly conversations with a totally straight face.</p>
<p>We’re hoping ShawSon will buy us an island. Somewhere about 7-10 years ago, we were talking about the house in the mountains I wanted to buy and he said, “Don’t worry, when I have a job, I’ll buy you your country house.” </p>
<p>They dynasty trust may or may not have funds to go past the kids, in which case it merely has an asset protection function. But, if it does last past the current generation, the money in it is exempt from estate tax (which I expect to be heavily tapped when we as a country finally admit we have got to cut expenses and raise revenues at the same time in order to get our fiscal house in order). Not clear if it would be relevant.</p>
<p>I still have something my older s wrote when he was 9, on my bulletin board. It says “I solemly swear to take care of my mom and dad in their old age as they have cared for me even better”. Ok, so he signed it when he was not of legal age to sign a contract. Maybe I hsould have him update it :)</p>
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<p>If the timing of the class is the problem, rather than the workload, could he take it online?</p>
<p>Ooh, I already asked that (with hopes that that would be an option) parentoftwo. Apparently there is a lab that goes with the class (lab for statistics??? I don’t get that) but thats what interferes. The class itself is at 8 am! I was amazed that he was willing to take that!</p>