Tom Cruise and Katie Holmes' daughter Suri is now a teenage millionaire. How? Well, she has reportedly gained access to a trust fund, arranged by her estranged father. The trust fund was set up as a part of Tom and Katie's divorce settlement. It ensures that Katie, who turned 18 in April, will receive an initial amount now while the remaining amount will be accessible when she turns 30. “It is part of the divorce deal that a trust fund provided by Tom Cruise be shared with daughter Suri Cruise when she turns 18, and it is substantial,” claimed a source.
The trust fund was planned and created in such a way that it prevented Suri Cruise from receiving all of the money immediately and becoming overwhelmed, reported Daily Mail. The outlet further reported that Katie Holmes had organised her own trust fund for Suri. “Katie is fiscally minded and is looking out for her daughter, of course. She wants her to be well provided for and have a great quality of life,” said a source.
Reportedly, after Tom Cruise and Katie Holmes parted ways in 2012, Tom established a trust fund for Suri. As per the terms and conditions, her daughter could get the full amount when she turned 30 and a substantial part of the money after her 18th birthday. What's more, Tom had also agreed to pay Katie an annual price of $400,000 in child support every month until Suri became an adult. Those payments are now believed to have ceased. That's not all. The Mission Impossible star also committed to covering every medical, dental, school, college, insurance and extracurricular expense of her daughter. Tom has covered Suri's yearly college costs at Carnegie Mellon University, which is $65,000.
As per Daily Mail, “Tom is indeed paying for Suri's tuition - he has always paid for her schooling and would never stop as he is a stand-up guy. 'He has never hesitated to pay his daughter's child support and expenses. He does not go back on his word. He is fulfilling his obligation.”
Tom Cruise and Katie Holmes married in 2006. They welcomed Suri in the same year. Tom also shares two kids — Isabella and Connor with his ex-wife Nicole Kidman.