What’s the simplest and cheapest way to set up a crut for someone that wants to add to it on a monthly basis, does not have the self control to be allowed to withdraw principal from it, and down the road wants to rely on it’s interest for income.
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Replying to @brogram_
Email a lawyer to say you want to do it. They'll set it up. Get a TaxID# and bank account for it. Voilá.
1 reply 0 retweets 1 like -
Replying to @sivers
Thanks! Question: If I set up the bank account what mechanism stops me from going in and depleting the principal?
1 reply 0 retweets 0 likes
Replying to @brogram_
Nothing, but then you'd get in big IRS trouble.
8:14 AM - 24 Apr 2020
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