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Category: Class
Subject: What is a trust fund?
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I keep hearing about affluent teenagers and college students having 'trust funds'. What, may I ask, is a trust fund? Is it like a bond or endowment insurance? I have never met anyone who a trust fund.
Posted:7/16/2007
By:
Lynda , Bronx, NY, United States , 20 , Female , Less than High School Diploma , Lower class
Mesg ID: ef1489ed-45fd-45b3-b2f6-e95051ab9b88
Responses:3
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Pre-screened Responses
Category: Class
Subject: Trust Fund Babies...
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A trust fund is an inheritance (usually but not always a sum of money) set aside for a person, which they will receive when they reach a certain age, and/or fulfill certain life goals. For example, Grandmother Upperclasstwit wills the balance of her estate to the Friends of the Cholla Cactus Society, but sets aside 5 million dollars each for Miffy, Dunstan, Croatina and Herkimer, to be paid in one lump sum when each of the little darlings reaches his or her 23rd birthday; but only if they've completed a college education; otherwise the money reverts to the Friends of the Cholla Cactus Society. Trust funds are supposed to protect minor children from greedy relatives and/or their own baser impulses, and sometimes it even works.
Posted:10/24/2007
By:
Ann , Kansas City, MO, United States , 40 , Female , Animist , White/Caucasian , Straight , Executive Assistant , 4 Years of College , Middle class
Mesg ID: 298f1fee-d486-4209-ac9d-3db352bf3641
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Category: Class
Subject: Trust funds and "cream puffs"
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Typically it's money set aside for a person as inheritance or money for getting started in life, placed 'In Trust', so that it cannot be accessed until certain conditions are met, like turning 18/21, graduation of some kind, getting married, etc. People do this to pass money along without dumping it all on someone before they're ready for the responsibility. I've never met anybody who had one that I knew about, but some people don't share that stuff as eagerly - it might make you look like a cream puff if others think you can't/don't have to make it on your own.
Posted:10/24/2007
By:
Chris , Long Beach, CA, United States , 37 , Male , Agnostic , Black/African American , Straight , Med. Tech/Mgr , 4 Years of College , Middle class
Mesg ID: c3ff8554-2bab-47af-80ef-a3651630a05d
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Category: Class
Subject: Trust funds have restrictions!
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A trust fund can be set up in many different ways. It is normally set up by a grandparent with restictions on it like the grandchild has to be 25 before they can have the money, or it is only for school payments. It is just a set amount of money set aside.
Posted:10/24/2007
By:
John , Salem, VA, United States , Male
Mesg ID: 4d7b20cd-79fc-4b16-ac6a-27252cedef81
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