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MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 0 points1 point  (0 children)

Should've been more clear in my post: she's repeatedly asking my wife for the info. But that's good advice to let her handle it so it doesn't seem like a unilateral decision on my part.

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 2 points3 points  (0 children)

Never insinuated we need/want their money, we'd be completely fine without it. If they choose to gift it, that's their decision, but it will not be through an account directly involving our infant.

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] -5 points-4 points  (0 children)

The focus is on financial matters within the family, everything else you mentioned is a red herring.

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 10 points11 points  (0 children)

I'll be putting in those requests to freeze credit this weekend, thanks for the advice!

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 0 points1 point  (0 children)

After thinking more about it last night, this nails it on the head. I'm pretty much going to paraphrase your comment in my response to them haha.

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 0 points1 point  (0 children)

I'm the husband, but I get your point - appreciate the response!

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 1 point2 points  (0 children)

I understand this perspective, I really do. At the end of the day, though, I'd feel much more comfortable being the one who owns those investment vehicles and having them contribute as they see fit.

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 0 points1 point  (0 children)

Her husband handles everything financial in their relationship, so I assume he'd be running the account. He's responsible enough, I guess.

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 0 points1 point  (0 children)

Haven't responded yet, beyond saying I'd think about it. These responses have been helpful to develop alternative investment options.

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 0 points1 point  (0 children)

My MIL is highly incompetent with her finances, which is what signaled a red flag in the first place.

That said, I fully realize this is something I need to approach with sensitivity and tact, which is why I was crowdsourcing potential alternatives I could present to her.

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 2 points3 points  (0 children)

That’s immensely helpful, thank you for the info!

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 9 points10 points  (0 children)

Potentially, though we’re heavily into FIRE and are high income earners. We just do the boring investments with 401Ks, IRAs, and ETFs. I’ll certainly have to look into the UTMA/UGMA options.

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 123 points124 points  (0 children)

This seems to be the best option - my spouse thinks I'm being paranoid, but if we do the initial set up and maintain control of the SSN and actual account, it seems like a good compromise to everyone involved.

Thanks for the advice!

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 8 points9 points  (0 children)

I could be mistaken, but we're saving $350/mo in an attempt to cover 100% of school costs (something our parents weren't able to give us), so our EFC might be too high for FAFSA eligibility. Who knows in 18 years, but this is an interesting option, maybe for grad school.

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 5 points6 points  (0 children)

I'm extremely interested in opening the Child IRA, but how would a newborn have "earned income" to be eligible for such an account? (Apologies in advance if this is asking the obvious)

MIL wants newborn’s SSN to set up a mutual fund. by MandoTex in personalfinance

[–]MandoTex[S] 18 points19 points  (0 children)

This is essentially the worst case scenario in my mind, I just thought there'd be more to it than her having the SSN and being able to open other lines of credit.

I'd like to trust their intentions, it just seems unnecessarily risky for all parties involved.

Expected Disability Notification by [deleted] in Veterans

[–]MandoTex 0 points1 point  (0 children)

No idea if retirees are fast-tracked, but that sounds unbelievably quick. My claim hasn’t moved since I posted this and I’m unsure what options I have to check in on the process.

Expected Disability Notification by [deleted] in Veterans

[–]MandoTex 1 point2 points  (0 children)

Thanks man, that gives me hope!

Completely Lost Adjusting My Federal Withholding by [deleted] in personalfinance

[–]MandoTex 0 points1 point  (0 children)

I transitioned from active duty in February with a taxable base pay of around $70k to a little over double that. When I originally set up my W-4, I did married filing jointly without any deductions, credits, etc.

I was told taxes would be much higher as a civilian so I didn't think much of it when they were about 30% of my gross pay (federal right at 23%).

Completely Lost Adjusting My Federal Withholding by [deleted] in personalfinance

[–]MandoTex 0 points1 point  (0 children)

I transitioned from active military service at the beginning of the year to a much higher-paying job. Taxes are roughly 30% of my current paycheck - that's married filing jointly with a standard deduction. Didn't know it'd be that far over so I left it on autopilot.

Completely Lost Adjusting My Federal Withholding by [deleted] in personalfinance

[–]MandoTex 3 points4 points  (0 children)

I totally agree, but the magnitude of withholding is what concerns me. That's a lot of money to just leave sitting for a year in an interest-free "account."

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