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Attorney asks court to allow restricted minor accounts to be invested; judge approves annual accounting pending compliant plan
Summary
An attorney asked the Lenawee County Probate & Juvenile Court to permit restricted accounts for two minors (files 51830 and 51831CY) to be placed in CDs or investment-grade instruments because current accounts earn about 0.01%; the judge approved the annual accountings and said she would sign if any modification complied with Michigan statutory, in
At a hearing in the Lenawee County Probate & Juvenile Court, attorney Henry Liebens presented annual accountings for two minors — file 51830 (Kristen Kalinski) and file 51831CY (listed as "Claire") — and asked the court to permit the restricted accounts, with the mother's consent, to be placed in higher-yield investments such as certificates of deposit.
Liebens told the court the money included life insurance proceeds and that the accounts were currently earning roughly 0.01 percent interest. He warned that “by the time these kids get to college, the buying part of this $100,000 at the current rate will be equivalent to maybe enough to get a happy meal,” and requested permission to move funds to an investment that preserves the restrictions while improving yield.
The presiding judge said she had reviewed the annual accountings and that they meet the court’s approval. She outlined the statutory constraints that must be met for any change in the structure of restricted minor accounts — specifically, that any investment must continue to restrict funds until the child reaches age 18 while allowing access at that time. “So as long as it meets those restrictions, then I’m happy to have a look at whatever you want to come up with,” the judge said.
No formal vote was recorded; the judge indicated she would sign approvals for the annual accountings and would consider a petition to modify account structure if the proposed investment plan adhered to Michigan statutory requirements. The court did not set a specific deadline for filing such a petition on the record.
