I realize this is not a tax question but I am hoping someone will have a suggestion.
Most of my money is in either a 401(k) or IRA account. I have one child and she is beneficiary to all of the accounts. She also has a spending problem. I thought I could put my accounts into a trust but apparently I can?t do that without paying taxes on all the money first. I certainly am not going to do that.
Is there anything I can do to control her access to that money? Needless to say I want her to be able to get money when she needs it but I don?t want her taking a lot out frequently. She is disabled and has no savings. I consider this money to be some thing to help her get through her senior years. She doesn?t think that way.
I would appreciate any help. Thank you!