Hello, Bogleheads.
My young adult child who became quite ill last year had enough earned income to be eligible for the full amount of a Roth IRA. I'd like them to open a Roth IRA and I would then fund it, but their illness causes them to be completely unable to manage money if in a hypomanic episode.
Does anyone know if they can open a Roth (before I fully fund it), and if they could grant me a full power of attorney so that they could not empty the account when experiencing a spending episode? The Roth would be most likely at Schwab.
I know I ultimately need to set up a spendthrift trust, but I have not done it yet.
My young adult child who became quite ill last year had enough earned income to be eligible for the full amount of a Roth IRA. I'd like them to open a Roth IRA and I would then fund it, but their illness causes them to be completely unable to manage money if in a hypomanic episode.
Does anyone know if they can open a Roth (before I fully fund it), and if they could grant me a full power of attorney so that they could not empty the account when experiencing a spending episode? The Roth would be most likely at Schwab.
I know I ultimately need to set up a spendthrift trust, but I have not done it yet.
Statistics: Posted by LilyFleur — Fri Feb 09, 2024 8:19 pm — Replies 3 — Views 369