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Author: funkychair Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121114  
Subject: opening an account for Dad Date: 2/1/2000 1:02 PM
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Okay- I already posted this at Ask a Foolish Question and they recomended this board.

Here's the deal. I don't trust my Dad not to day-trade his money away. This is the first time I've convinced him to actaully save and invest 10% of the $ he's getting in. He already has told me he's devised a no-fail way to day-trade his way to riches.

He trusts me with his $$ and doen't really understand exactly how I've been able to buy stocks over the internet but he's quick in learning. He's 60 yrs old, and no sign of illness or disease.

If I open a joint acct. with me as th primary holder- I pay the taxes and he still has access to it. If he's the primary holder, well, all the mailings go to him and bye bye $$.

I don't know if there is a way to keep the stuff in his name, so he pays taxes on it, and I have rights of survivorship and I manage the account.

Ideas? Suggestions?

One of his goals is to have money to buy a house. The first savings amount should be coming in a month and it will be $7000. He's also a sole proprietorship- and I wondered if he's too old for an IRA, SEP IRA, Simple IRA, and if not, can the money be taken out when he wants to buy the house? Which also is not a long time away (within a year), and almost makes me think to just keep it in cash at the bank. But still he has no savings at all.

I'm also trying to do some preventative maitenence here- with him earning 400K a yr and no wealth, it is a sad state of affairs to leave behind nothing but a Visa bill. So I figure I better start getting his affairs in order now, while he's still here to enjoy this.

Anyone have ideas? gone through something similar?

funkychair

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