If a minor is receiving a settlement, frequently a court will need to approve the settlement and will require any funds received to be placed in a restricted account. These options may include an account with the court, a structured settlement annuity or a trust. At NDC Advisors, we understand that having the flexibility to have funds available to promote the growth, health and education of a minor is important. That is why we created the Master Trust for Minors.
If you would like to make an appointment for a consultation with our experienced Pittsburgh settlement planners, please call us now at (888) 676-2055.
The Master Trust for Minors serves as a vital tool to safeguard settlement funds while ensuring accessibility for essential expenses in a child's life. Its flexibility allows for permissible expenditures on education assistance, clothing, sports, lessons, recreational items, summer camps, travel, medical needs, a vehicle, college education, and more. This trust offers a seamless alternative to a restricted Court account and can be seamlessly integrated with a structured settlement annuity.
Establishing a minor settlement trust with our Master Trust for Minors is not only quick and straightforward but also suitable for recoveries of all sizes. It proves especially practical for sums totaling $300,000 or less, providing peace of mind and financial security for minors and their families
The NDC Advisors Master Trust for Minors is appropriate for recoveries for minor beneficiaries who are not currently qualified or receiving needs based government benefits.
Each Court may have different rules and requirements regarding the ability to use a Master Trust for Minors. To see if the NDC Advisors Master Trust for Minors is appropriate in your case or to learn more information regarding our services please contact us.
You can contribute to a Master Trust as often as you'd like, subject to any limitations imposed by the trust agreement. Regular contributions can help maximize the long-term growth potential of the account.
Yes, a Master Trust can be a valuable tool for saving for education expenses. The funds can be used to pay for tuition, fees, books, and other education-related costs.
While you can't guarantee financial responsibility, you can consider including provisions in the trust agreement that gradually release funds to the beneficiary over time. This can help them learn to manage money wisely.
Yes, you can typically change the beneficiary of a Master Trust. However, the specific process and any potential tax implications will depend on the terms of the trust agreement and applicable laws.
Call us now at (888) 676-2055 to schedule a consultation for information about Master Trust for Minors.