I've got mixed feeling about the fund raiser. I don't begrudge any monies that JC receives but if the family wants the media to back off and give JC the opportunity for as much of a normal childhood going forward as possible; this is not helping IMO. After sentencing of JP I hope JC's name drops off media attention till she is ready to tell her story after reaching adulthood. She needs the next five years to grow up as a child as much is possible.
Does anyone know how the monies she has received in her name is held and allowed to be spent by JC and her guardian? At a minimum she receives monthly SS survivor benefits till she is 18, any company insurance for her parents, any 401k from her parents, the company reward, previous donations, sale of her parents house, state victims funds.
Granted none of the monies make up for the loss of her parents or the trauma JC endured.
Best wishes for you JC.
The SS survivor benefits go directly to the guardian for her care.
The house will need to be repaired, refurbished and sold if there is a mortgage because it must be satisfied. The funds raised could be used to pay off the mortgage, refurbish the house or simply demolish it. The lot can then be sold or retained.
If her parents had individual wills drawn up, it will state at what age she can receive all, our parts, of the assets. The father predeceased the mother so in this case everything goes to moms estate first, then to JC. Sorting that stuff out takes a long time, like a year if I had to guess.
I’m not sure how reward funds are stipulated to a minor but that is a taxable event if its cash.
The 401k/retirement can be transferred to her name. I do not believe that is a taxable event, initially, if she pulls funds out, it will be.
Life insurance proceeds are non-taxable paid directly to the recipient. In this case dads proceeds are paid to moms estate. Moms proceeds directly to JC. This was likely spent on funeral expenses, if the employer didn’t cover that.
I don't know that she or her guardians are flush with cash at this point. If the well wishers sent her cash directly in the mail then I’m sure she has some monies. That is considered gift monies and up to a certain amount is non-taxable.
The funds raised at the school function sound like a building addition. Maybe the guardians home is small and they need to add a bedroom and bathroom.
The funds at the local banks would typically have a guardian who controlled them.
Long term I think JC will be in good shape financially as long as her guardian are good stewards of her funds.