A family member suffered and injury while working a state job and after years of fighting the state they received a disability settlement. Due to some money troubles they've had in the past the judge mandated a representative payee and I was chosen.
This family member is 40 and has no retirement so what I'd like to do is invest this money for them (a rather aggressive diversity of etfs/mutualfunds until they are close to needing to draw from it). The money is currently sitting in a bank account to which I am the custodian of. If I move the money out into an investment account it then becomes mine and I will be taxed on it.
Is it possible to invest this money for them without it ever becoming mine? If so, how can I go about this? I'm currently thinking that a joint trust may be the only option.