Money Fix: Financial planning myths

When it comes to money, some axioms are myths. Something touted as wise isn't necessarily best for you. Look behind the curtain. Here are some examples:

At age 18 or 21, the child has a right to the assets, whether he or she is ready to manage them or not. A better strategy is to establish a basic living trust that benefits all your children, said Mary O'Reilly, a partner at Meltzer Lippe in Mineola.