how do i transfer my account settings and purchases to another account

As said many times here, you can't transfer the content to another account. Your best option would be to:

• Change the email address for the account to something he controls
• Change the birthday on that Microsoft Account to reflect his actual age

• Create another account with the email you've been using
• Add his account to your Microsoft Account family so you can still use parental controls where needed.

That's the closest you're going to get. Sorry. If you'd like to see that option, then I would recommend posting that to the
Xbox Feedback website
on what you think could be done to improve the service and account.

You can't transfer purchases to the other account. However, if it is on the same console then they should be able to access the contents. This doesn't apply to game saves though.

That cannot be done once you make an xbox account with an email that is final there are no changes for that account on that end...

Unfortunately items you purchased are tied to your account and can't be transferred to other accounts.

As mentioned you can't transfer data between accounts like that. You can only change the primary email associated with the account