There are several types of accounts that I would like to pay into and never payout from until a certain need arises, however I am not sure I have the discipline to not tap into them in-case of financial hardships.
I would like to safeguard the amounts from two things: [NOTE I am located in the US]
- Such that I cannot tap into them alone, or at least not without fulfilling their purpose
- They could not be seized in the event of bankruptcy or lawsuit
I was wondering If it's possible, if there is a name for these kind of accounts, and how to open one.
Several ideas for such accounts are..
Instead of life insurance for my mother, My brother and I put $30/month each into a savings account, We cannot access the money until our mother dies. It will be used for burial costs, and then we split the rest.
Charitable giving account. Me and two friends pool our resources to make gifts that have greater impact. We deposit $100/month into an account for charitable giving. Then all 3 of us need to agree on where we want to make a donation. If we cannot agree, or someone dies the money goes to a charity we all agreed on beforehand.
These are just some ideas. Does anyone know how to get started?