Fifteen years ago, in my early 20s, I won just under $1 million after taxes. I paid off college loans and credit card debts, bought a small house and a reliable car, and placed the remainder in a revocable trust naming my older sister Elena as beneficiary because she was an active drug addict at the time. Elena has been clean for nearly ten years, works part-time, serves as a foster mom, and receives about $22,000 annually from the trust. I am unexpectedly pregnant at 38, face limited child support, and cannot afford childcare without sacrificing my creative career. I am considering dissolving Elena’s trust to fund raising my child but worry forcing Elena to work full-time could reduce her presence with foster children and risk relapse.
But I knew giving Elena a pile of money outright would probably do her more harm than good because at the time she was an active drug addict. So, after paying off my college loans and credit card debts and buying myself a small house and a new, reliable car (which I'm actually still driving to this day), I saw an attorney who helped me put the rest of the money in a revocable trust with Elena as the beneficiary.
The father is a good guy and would want to be part of our child's life, but won't be able to pay much support. I can't raise a child on my current income, and if I got a regular job, most of my additional income would be eaten up by daycare, plus I'd be less present, less happy, more stressed, and not as good a mother.
Collection
[
|
...
]