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Author: LemHill Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19483  
Subject: Re: Starting IRA's for grandchildren Date: 9/5/2000 10:01 PM
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PapaDoc asks: Do you have any information on how it works? (the RICKY trust).

It's been about 2 years since I set one up for each of my grandkids and I no longer have the packages (my children will get the paperwork until the grandkids are of age). But rjm1 is correct that it is an irrevocable trust which is set up to be tax defferred. I also agree with rjm1 that the procedure is probably more costly than it should be but frankly I don't know another way to accomplish the task without taking on an institutional trust and financial manager. 50 to 60 years is a long time for any individual to manage such an instrument.
LH
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