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Parent giving child money (gift tax)
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CAH127
LIF Adult
Member since 7/07 1694 total posts
Name:
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Parent giving child money (gift tax)
If a parent has money in an account in trust for child (POD) and now you both want to put the money fully in your child's name, is there any way of doing this without paying gift tax? It's over the yearly amount that is allowed to not get taxed.
Message edited 5/4/2018 2:24:21 PM.
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Posted 5/4/18 11:52 AM  |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Parent giving child money and taxes
Not sure if this covers what you are talking about but my mom set up accounts for my uncle's grandkids and she gives them a certain amount of money each year so they avoid paying taxes on it.
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| Posted 5/4/18 12:06 PM |
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Laura1976
Member since 5/05 5754 total posts
Name:
Laura
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Re: Parent giving child money and taxes
Why was it put into a POD account if it is the childs $?
The point of putting money is a Payable on Death account is that it avoids probate once the owner(person whose account it is in) passes away.
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| Posted 5/4/18 12:12 PM |
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CAH127
LIF Adult
Member since 7/07 1694 total posts
Name:
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Re: Parent giving child money and taxes
x
Message edited 5/4/2018 1:46:56 PM.
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| Posted 5/4/18 12:18 PM |
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NYCGirl80
I love my kiddies!
Member since 5/11 10413 total posts
Name:
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Re: Parent giving child money (gift tax)
No idea why you'd do a POD account, but you can open an account in the minor's name with a parent and then just remove the parent when the child is old enough. There's no taxes paid for removing the parent's name.
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| Posted 5/4/18 3:52 PM |
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Sunny10
LIF Adult
Member since 10/10 1287 total posts
Name:
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Re: Parent giving child money (gift tax)
Posted by NYCGirl80
No idea why you'd do a POD account, but you can open an account in the minor's name with a parent and then just remove the parent when the child is old enough. There's no taxes paid for removing the parent's name. [/QUOTE
Message edited 5/4/2018 4:36:02 PM.
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| Posted 5/4/18 4:35 PM |
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