Legal Question in Wills and Trusts in Texas
Putting Money in Inaccessable Location
I recently made a substantial sum of money (a few hundred thousand) on the sale of the company I work for.
I have used as much of the money as I care to (paid off all debt, blew a couple thousand on 'toys', etc...). I have the balance in a brokerage account and am investing it fairly conservatively.
Unfortunately, I ran my mouth and without sharing specifics with them, told some close friends and family about our good fortune (that took 8 years of work to earn, I should add).
It's starting... People are asking for ''loans'' and bailouts. I had no idea, but a friend of mine just filed Chapter 7 with 185k in unsecured debt (how does THAT happen???).
I want to put my money in some sort of trust in which I keep complete control over how/where it is invested, but where I cannot receive a cash disbursement until, say, 60 days after I request it. I have plenty of available credit for emergencies. I cannot think of any situation that would require immediate access to the money.
I need to eliminate the chance that I could (a) be talked into 'loaning' anything to friends or family, or (b) blow any of it on a stupid purchase (boat, etc...) without a significant 'cooling off' period.
How can this be done?
Thanks!
1 Answer from Attorneys
Re: Putting Money in Inaccessable Location
Yes, there are a number of trust instruments and CDs that would fit your goals. You might consider a diversified approach (some in CDs, some in money markets and some in annuity investments.) I strongly recommend your speaking with a good financial planner, as your "friends" will suck you dry quicker than you could imagine.