Endowments and Investments: Financial Planning for Incarcerated Adults

Honest Money

In today's episode Warren Ingram gives advice to a listener on how to set aside money for a family member who will be in prison for five or six years. Warren discusses the challenges of saving and investing for adult family members and the potential tax implications, the level of control you want the person to have over the money and explores options such as setting up an investment or opening an endowment.
Takeaways

• When saving and investing for adult family members, consider the level of control you want them to have over the money.
• Be aware of the potential tax implications, such as capital gains tax and donations tax.
• Options for saving and investing include setting up an investment in your own name or opening an endowment in the person's name.
• For a five-year or longer time horizon, consider investing in shares for potential growth.

Get more insight on how Prescient Investment Management can help you here.

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Chapters

1. Investing for Incarcerated Family Members (00:00:00)

2. Diversifying Investments for Long-Term Growth (00:07:30)