Legal Question in Family Law in Illinois
503(g) Trust
I am going though a divorce and I am supposed to establish a 503(g) trust for my two sons. I'm not sure what this is. I would like to establish an educatrional IRA for them. Woulld this be ok?
Asked on 1/30/08, 10:12 pm
1 Answer from Attorneys
John Steele
Steele Law Firm
Re: 503(g) Trust
No! I trust is not an IRA. And what is likely to happen is that your IRA will be ignored and you will be found to be not complying with the final judgment. Do what you are obligated to do in the decree, then decide if you want to do extra.
Answered on 1/31/08, 5:09 pm
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