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Message
What to do with a large sum of money
Posted on 4/14/15 at 10:22 pm
Posted on 4/14/15 at 10:22 pm
My girlfriend's ex finally caught up years of back child support to the tune of 15k each for 2 kids. She is trying to figure out the best return for the money. One child will graduate high school in 2019, the other in 2022. Is a 529 plan better than CDs since she will be taking it out in a few years anyway?
TIA.
TIA.
7
Posted on 4/14/15 at 10:23 pm to kriskris
Just send it to me
Posted on 4/14/15 at 10:36 pm to kriskris
Several years past due and $30,00 caught him up with payments? Most dads pay that in 12 months.
Yes, 529 it and contribute to the plan.
Yes, 529 it and contribute to the plan.
This post was edited on 4/14/15 at 10:37 pm
Posted on 4/14/15 at 10:40 pm to nelatf
Good lord are you serious? Being a bachelor all my life just keeps looking better and better.
Posted on 4/15/15 at 12:15 am to kriskris
Put it all in 529 and get some tax free growth!
Posted on 4/15/15 at 12:26 am to GREENHEAD22
Yep
Posted on 4/15/15 at 8:50 am to nelatf
quote:
Several years past due and $30,00 caught him up with payments? Most dads pay that in 12 months.
Unless the dads make a shite load of money, this is incorrect. My stepson's father makes a decent living and only pays around $600 per month. In 2010, the average monthly child support was $430 per month.
From 2010 but has to be close to todays numbers
Posted on 4/15/15 at 9:04 am to stevengtiger
quote:
In 2010, the average monthly child support was $430 per month.
Criminal.
If my wife ever decides to leave me, I'm going to live in the woods somewhere.
Posted on 4/15/15 at 10:09 am to stevengtiger
quote:
Unless the dads make a shite load of money, this is incorrect. My stepson's father makes a decent living and only pays around $600 per month. In 2010, the average monthly child support was $430 per month.
All just depends on how good of a lawyer you have.. In Alabama, child support used to not stop automatically when the child turned 19. You had to go to court and get the judge to stop child support (takes a while).. Now they make it automatically stop.
My parents make pretty much the same amount of money.
When my dad went to stop child support on my two older siblings when I was around 16 (both were over 19), the judge granted him the stop of their child support (He was paying about $500 a kid I think), however he adjusted child support for me up to some amount over $1,000.
The lesson here is: if you get divorced, get the better lawyer.
Posted on 4/15/15 at 10:15 am to yellowhammer2098
quote:
All just depends on how good of a lawyer you have..
Lawyers definitely have a lot to do with it. I was just commented on the above post that most dads pay $30K a year in child support. That is a shite load of CS.
quote:
however he adjusted child support for me up to some amount over $1,000.
Going back to court can be tricky. If your dad was making more money, the cs he was paying for you should have gone up. My stepsons father has threatened to take my wife back to court over some bs but he knows he would end up paying more than he is now due to his income being higher than it was when the papers were signed.
This post was edited on 4/15/15 at 10:18 am
Posted on 4/15/15 at 11:57 am to stevengtiger
quote:
Lawyers definitely have a lot to do with it. I was just commented on the above post that most dads pay $30K a year in child support. That is a shite load of CS.
And in the case of this thread, is the money really needed? What is the dad supporting? Sounds like the kid's family is doing ok.
Is it possible for this to occur: divorce happens, woman remarries, still gets child support...and they become a 3 income family?
This post was edited on 4/15/15 at 11:58 am
Posted on 4/15/15 at 12:06 pm to LSUfan20005
quote:
Is it possible for this to occur: divorce happens, woman remarries, still gets child support...and they become a 3 income family?
Yes. Imagine the new husband's income would come into play in deciding CS payments though.. May be wrong.
Posted on 4/15/15 at 12:35 pm to yellowhammer2098
If I do get married I'm going to have a prenups as thick as a Websters dictionary.
Posted on 4/15/15 at 1:05 pm to yellowhammer2098
quote:
Imagine the new husband's income would come into play in deciding CS payments though
I know just in our personal experience, my income does not matter. It is soley based on the income of the mother and the father. I could make $1M a year and my wife would still get the same cs money. It vary from case to case but how their papers are written, it has no bearing on the amount.
Posted on 4/15/15 at 1:15 pm to stevengtiger
Why would a mother's new husband's income reduce the obligation of the children's father? Illogical. Child support is owed by the non-custodial parent, regardless of the custodial parent's spouse's income. Parents must support their own children....not expect that someone else should foot the bill for their offspring.
I stand by my long-held assertion that most people shouldn't have children. If you can't wrap your head around the obligation to pay for your own damn kids until they're grown, don't have any.
I stand by my long-held assertion that most people shouldn't have children. If you can't wrap your head around the obligation to pay for your own damn kids until they're grown, don't have any.
Posted on 4/15/15 at 1:45 pm to kriskris
Hookers
Blow
Dinars
Blow
Dinars
Posted on 4/15/15 at 5:02 pm to stevengtiger
quote:
My stepson's father makes a decent living and only pays around $600 per month
Glad Mrs Bard and I don't have kids (yet). It would be cheaper for me to fake my own death and leave the country.
Posted on 4/16/15 at 12:33 am to kriskris
La 529 gives you immediate match of upto 14% depending on your income last year. So that $15000 + 14% then grows tax free.
I'd suggest not putting it all in but maybe keeping a thousand or two out for expenses you will have in coming years like prom and graduations etc.
Or use Some of it to pay for dual enrollment if your highschool has it. We had to pay LSUS about $500 a seam ester for classes at Byrd HS. By the time my daughter graduated she had almost enough hours to enroll as a Sophomore at LSU BR which saves a year of tuition.
I'd suggest not putting it all in but maybe keeping a thousand or two out for expenses you will have in coming years like prom and graduations etc.
Or use Some of it to pay for dual enrollment if your highschool has it. We had to pay LSUS about $500 a seam ester for classes at Byrd HS. By the time my daughter graduated she had almost enough hours to enroll as a Sophomore at LSU BR which saves a year of tuition.
This post was edited on 4/16/15 at 12:39 am
Posted on 4/16/15 at 1:28 am to kriskris
So the kids are not from your seeds?
Posted on 4/16/15 at 6:01 am to kriskris
Spend it, that's what I always do 
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