Cruise sets up 'sizable' trust fund for daughter Suri
Los Angeles: Tom Cruise is reportedly setting up a trust fund for daughter Suri as part of his divorce settlement with ex-wife Katie Holmes.
The settlement outlined that Holmes will receive $400,000 a year in child support for the six-year-old until she turns 18, but the actress reportedly also negotiated for a sizable trust fund to be set up in Suri's name, reported Radar Online.
Cruise will be responsible for expenses that Suri may incur, such as medical and dental care and tuition to the $40,000 a year private school Avenues, where Suri is scheduled to start first grade after Labour Day.
All of Suri's needs will be more than taken care of, but a source said that Holmes negotiated the trust fund so that her daughter will be able to begin to access some of the funds once she turns 18 years old.
"She just wanted to ensure that Suri would have financial security as she becomes an adult. It's a sizable trust fund, but Suri won't be able to fully legally claim it until she is in her 30s. Tom had no problem with the request and planned on doing it for Suri anyway," said the source.
Suri is one of the best-dressed celebrity children, endlessly doted on and well travelled, and has a penchant for designer clothes.
Updated Date: Aug 29, 2012 14:36 PM