Katie Holmes emerges with an enormous smile after Tom Cruise’s belief fund for daughter Suri formally ‘kicks in’
Katie Holmes appeared in high spirits as she was spotted for the first time since DailyMail.com reported that her daughter Suri Cruise‘s trust fund from Tom Cruise has officially ‘kicked in.’
The Dawson’s Creek icon, 45, was bundled up to brave the chilly New York City weather on Thursday.
Cloaked in a stylish leather sheepskin jacket over a pair of purple trousers, Holmes kept a low profile with a black beanie and sleek designer sunglasses, blending effortlessly into the Big Apple’s bustling streets.
She carried an oversized cream leather tote, pairing the look with knee-high black leather boots that added a touch of casual chic.
Just hours before her brisk city stroll, a source confirmed to DailyMail that Suri, who turned 18 in April, is now able to access the substantial trust fund set up by her famous father.
‘It is part of the divorce agreement that Tom Cruise’s trust fund be made available to daughter Suri when she turns 18, and it is indeed substantial,’ an insider revealed, referencing Katie and Tom’s split in 2012 after six years of marriage.
Katie Holmes appeared in high spirits as she was spotted for the first time since DailyMail.com reported that her daughter Suri Cruise ‘s trust fund from Tom Cruise has officially ‘kicked in’
Cloaked in a stylish leather sheepskin jacket over a pair of purple trousers, Holmes kept a low profile with a black beanie and sleek designer sunglasses, blending effortlessly into the Big Apple’s bustling streets
‘She was allowed to access it when she turned 18 in April,’ continued the source.
‘The rest of the money will become available to her once she enters her 30s. The trust fund was carefully constructed so that she does not get all the money at once and becomes overwhelmed.’
DailyMail.com has also learned that Katie has set up her own trust fund for Suri.
‘Katie is fiscally minded and is looking out for her daughter, of course,’ another source added.
‘She wants her to be well provided for and have a great quality of life.’
Indeed, divorce documents from 2012 reveal that the Top Gun star had made provisions for Suri through a trust fund that would be made available to her once she reached adulthood.
When Tom and Katie separated in 2012, it was stipulated that Cruise had set up a trust fund for Suri, which she could access partially at 18 and in full when she turned 30.
Additionally, Cruise agreed to pay Katie Holmes $400,000 annually in child support—roughly $33,000 a month—until Suri turned 18. It is believed those payments have now ceased.
Suri Cruise is suddenly a rich teenager. The 18-year-old daughter of Katie Holmes has come into a great deal of money, DailyMail.com has learned. That is because her trust fund from her estranged father Tom Cruise ‘kicked in’ when she turned 18 on April 18
Suri’s father Tom Cruise is financing her $65,000 a year tuition bill as part of the terms laid out in his divorce from Katie in 2012
As part of the settlement, Cruise also agreed to cover all of Suri’s health care, dental, insurance, education, and extracurricular costs.
As DailyMail.com reported earlier this year, Tom has continued to honor his financial commitments, covering Suri’s $65,000 annual tuition at Carnegie Mellon University.
A source previously told DailyMail.com: ‘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 paying his daughter’s child support and expenses. He does not go back on his word. He is fulfilling his obligation.’
Tom also has two other children, Isabella and Connor, from his previous marriage to ex-wife Nicole Kidman.
