to wonder how family manage if kid gets rich

[myname2016]

has anyone experienced this?

I suppose this is what I mean Needs, obviously not your case but let's say you had a child who made millions from acting and obviously their money is theirs, but it would be so hard to completely separate it especially from siblings.

I think it would be difficult but you would just have to carry on trying to treat them all fairly. The child's 'money' would be theirs but I imagine if the parents suffered expenses as a result of the child's career then that money should come out of the child's money rather than the family pot. It wouldn't be fair if the other kids had to go without.

You can't split the child's money as it's theirs.

You would have to hope that the other children are sensible and understand that their sibling has been lucky.

There are always diffences between siblings.

I don't think a child should decide that a whole family moves to LA or wherever so yes, it's obvious to me.

Child stars would be different from inheriting from Godparent in that I'd imagine that siblings have to tag along/put their own stuff aside for the child star to succeed.

Is this happening to you at the moment, OP?

Well, the US has regulations regarding child actors, the Coogan Act. It provides that a certain percentage must be conserved for the child and also records kept to be sure any expenditures are necessary for the wellbeing/upkeep of the child.

So you wouldn't be able to, for example, just decide that siblings should get a percentage to 'even things out' nor would you be able to just willy nilly decide to spend child star's earnings for a sibling's education or 'living expenses' separate from the general family. Most child star's families have very nice homes and lifestyles but it's all technically 'for' the child star.

Many child stars also have 'business entities' so most home purchases or other major purchases are usually in the name of this entity so they are technically the property of the child, although the parents are usually directors of the entity. That's why you hear of these child stars 'firing' their parents or taking them to court to strip them of control.

I don't think it would be hard to separate the money from other siblings at all. In fact if you don't you should go to prison. It is the child's money - held in trust until they are 18. Two of my daughters are lawyers and one in a different job that pays less - they chose that and no way will I even it out so they have the same income and however rich they become they will all inherit the same from me.

I imagine it's held in trust. Can't their agent advise? Writ to Daniel Radcliffe/Emma Watson via their agents for help? See a solicitor.

DD won £1000 on the premium bonds when she was 7. I know that isn't much bit it did make me inwardly groan a bit in case one of them won the million.

DH has made a lot compared to his sisters. His mother ignores it, his sisters resent it but it doesn't stop one asking to be bankrolled. You know, couple of k here, couple of k there.

Being successful also has its own expenses so buying or renting a home in London/L.A may be needed,

In this case a house could be bought in a trust, or one could be rented using the earnings of the child, if hat is the only reason the family had to move to a certain place. Maybe I'm wrong but that's how I would view it.

And if I had to give up my job to facilitate childs career I would want to be paid as a manager or something to account for the shortfall in income. I wouldn't suddenly expect to be earning 10x my usual income though.

_+@?>:@L?

oops sorry :)

Although tbf I think it doesn't take much away from the level of OP's debate...

Need to know what Needsasock did as a kid

SIL did some modelling as a child - the money was placed in trust for her once she reached 18. It paid for her university education. Not mega mega bucks but a couple of tens of thousand.
No issues/problems/jealousy with the other siblings.

If it's a huge amount, it gets placed in trust
I'd expect the parents to counsel moderation so the child star doesn't end up blowing it all on cocaine and hookers at 18.
Bit more complex if the family manage/give up careers to support etc... Nothing like money to bring out the worst in people.

DS15 has done some film and West End Theatre acting - not enough to move to LA mind, but substantial amounts over the past five years.

It is absolutely HIS money. He always been paid a sum plus expenses for himself and for me to accompany him, so there haven't been any additional costs to cover if you see what I mean.

I have put all the money aside for him. He has dipped into it a couple of times for things I approved of, for example, an expensive guitar. The rest of it he will access when he is older. He doesn't show much interest to be honest so maybe I am lucky.

hopefully the parents will also make sure that all kids feel equally important, and the fact that one earns a lot whilst the others have a normal childhood is only a detail.

I haven't got a famous child actor, so I am not sure how you manage that, but that would be my main priority if I had. (But I agree, the child money is is, and not to be "shared" with the family).

the child money is "HIS" sorry about typo

Lol no imperial. I was watching a silly programme and wondered.

Merseyside I'm not really debating I am very ill and recovering now so my posts aren't that coherent but I'm not rude or sarcastic so don't be to me maybe?

The thing is, pursuing one child's dreams often comes at the expense of the other children. One of my friends spent loads of time sitting around watching her son take part in his sport. His little sister was dragged along and didn't get to pursue her own interests.

Yes I often wonder how many Olympic winners are only children!

Aren't some crazy percentage of really successful people either only or oldest children? It's not just sport etc, it's measurable in all areas. BTW, not especially successful oldest here so it doesn't always work (maybe I needed an actual talent and not having three younger siblings).

The child star in this programme has step siblings too which is probably still more complicated!