Your typical 12-year-old isn't snaring a $1 million windfall, but that's exactly what happened to "America's Got Talent" winner Grace VanderWaal.
The young singer-songwriter and her ukulele beat 35 other contestants for the coveted prize. She will also headline a series of live shows in Las Vegas.
Ownership of a $1 million prize is a massive undertaking, especially for a minor, but with proper financial planning, newly wealthy children can protect their assets while meeting their long-term savings and gifting goals.
Naturally, protecting the child and his or her earnings from undue influence is also a priority — even beyond age 18.
Here are some suggestions in case your child becomes an overnight sensation.