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Minor Trust Accounts

The Tulalip Tribes of Washington started an irrevocable trust account program for tribal members ages 0-17 in November of 2004. The code and policy state that at least half of all the minor’s tribal member funds from gaming per capita or a designated amount from the Youth Under the age of 18 tax free dependent assistance for housing, education, medical and other general welfare program payments (TFDAGW) will be deposited into a minor’s trust account. The Funds in the account will be invested and parents have two options for investment; one is conservative and the other aggressive/age based.

They will receive quarterly statements with the balance, contributions, and gains/losses of their Trust Account.

After the funds are deposited into the accounts there are four ways to get the money out and that is if the child has a (1) terminal illness, (2) serious medical condition with long term care (3) GED or High School Diploma at the age of 18 or (4) NO GED or High School Diploma at the age 22. There are financial/education requirements for members that are requesting funds with option 3 or 4. When the funds are distributed, they will be in 4 separate payments done every 12 months.


Steps to Receive Your Trust Money

Step 1 Tab
Prior to 1st Distribution

You will need to Complete the Cash Class either in-person or online.


Step 2 Tab
Prior to 1st Distribution

Complete the virtual class.


Step 3 Tab
Prior to 3rd Distribution

FAQ Minor Trust Account-Parent Info

  • Yes, you will receive quarterly statements showing account balance and earnings. If you are not receiving a statement please call our office and check on the address – we have been getting some back in the mail.

  • Trust funds will be distributed within 30 days following the LATER of (1) your child's 18th birthday, or (2) the date your child receives a high school diploma or GED. Individuals not meeting the high school diploma/GED requirement will in any event receive their trust funds within 30 days of their 22nd Birthday.

  • In most circumstances, no. The only exceptions are: (1) if the minor has a terminal illness, or (2) the minor has a documented serious medical condition requiring long term care. The trust is restricted because other more basic health, education, and welfare needs of the child may be met though the parents electing to receive 50% of their child's per capita payment to provide for their child's needs.

  • The child's per capita funds may only be spent on the health, education, and welfare of the child. Also make sure you file taxes on the portion you receive as a parent. The minor will need to do their own taxes.

  • 100% of the child's per capita funds will be placed in the minor’s trust.

  • Option B Aggressive is the default option, if you did not choose and investment option this is where the money is invested. You can change the investment option once a year in February. A reminder will be sent out to everyone with a statement showing the difference in the options. You can get information on the options from the enrollment office.

  • Yes, and this in not permanent. You can change this before each per capita, but it must be done 10 business days prior to the distribution. You can have any amount over 50% put into trust. This can help if you have to pay in on your kids taxes instead of giving more to IRS, you can give more to your child. Only the legal guardian can change the amounts.


FAQ Minor Trust Account-Beneficiary Info

  • 1) Forms are available that the tribal member must sign and have notarized. The forms need to be returned to the enrollment office. After you turn the form it will take about a week to two weeks and you will get it in the mail. 2) Bring proof of GED or diploma. 3) Bring a bank statement with your account and routing numbers. 4) Provide proof of a financial education class.

  • You are able to receive 25% for 4 years of your trust. Once you apply the first time you can apply the next year in that same month as the 1st withdrawal.

  • Yes, A member can go before the trust committee and request the full lump sum or portion. The committee will make a recommendation to the Board of Directors who have discretion to determine if the member should receive the full trust account at one time.

    • All request must be done in writing with a full explanation of how the money is to be spent.
    • The money can be requested if a young adult is purchasing a home and or land, cover school cost, medical bills/care, starting a business, or rolling to a private trust plan.
    • Register at the link below:
      https://evolve.financialeducatorscouncil.org/register
    • Once registered you will need to sign in to this site to start the lessons:
      https://evolve.financialeducatorscouncil.org/login/
    • The Course Content is highlighted, click expand on the right green arrow to scroll and find the Lesson Content. Complete the modules listed below. Read, watch videos, do interactive lessons, and take the lesson quiz at the bottom of the page. You will need to get 70% or higher on the quizzes. If needed, you are able to retake the quiz until you get the higher percentage.
      REQUIRED MODULES:
      • Financial Psychology
        • Turning Dreams into Goals & Plans
        • How Financial Behaviors & Attitudes Form
      • Savings, Expenses & Budgeting
        • Prioritizing Expenses & Opportunity
        • Budgeting Fundamentals & Overview
        • Major Expenses: Automobile
      • Account Management
        • Education & Activities: Banking Essentials & Management
      • Credit Profile
        • Education & Activities: Understanding Your Credit Profile
      • Credit Profile
        • Education & Activities: Understanding Your Credit Profile
      • Economic & Government Influences
        • Education & Activities: Income Tax
      • Risk Management & Insurance
        • Education & Activities: Types of Insurance & Which You Should Consider: Auto Insurance
      • Investing & Personal Financial Planning
        • Education & Activities: Investment Risk
    • Once all required modules are complete YOU MUST EMAIL OR CALL us so we can verify all lessons have been completed. There are NO automatic notifications sent that you completed the lessons.
  • In October 2020 the Board of Directors created a Youth Under the Age of 18 Tax Free Deferred Long Term Dependent Assistance program, this funds will not be taxed at the time of distribution. Per Capita Payments will taxed that are over $12,550 per the IRS Guidelines, the scale is in the distribution packet.

  • The trust funds will be distributed to the next of kin in the following order or priority: Spouse, children, parents, siblings, grandparents. Youth over 18 can fill out a beneficiary form if they want funds to be distributed in a different manor.


Minor Trust Account Team


Tulalip whale
Tulalip whale

Contact Us

Main Number: 360-716-4300
Fax Number: 360-716-0209

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Information

Address:
6406 Marine Dr
Tulalip, WA 98271
(Driving Directions)