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|LegalCornerTM - Law By Subject - Minors Trusts|
There are several methods by which you may make gifts to minors. You can open a custodial account to receive and a hold a gist of up to $12,000 per calendar year under the Uniform Transfers to Minors Act ("UTMA"), you can open a 529 College Savings Plan, you can establish a formal 2503(c) Trust, or you can create a special needs trust, if your child suffers from a disability.
What is a Minor's Trust?
Do I Need A Minor's Trust To Make An Annual $12,000 Gift To My Child?
When does The Uniform Transfer to Minors Act (UTMA) custodial account expire?
How do you set up a UTMA Custodial Account?
What types of money and property can be held in a custodial UTMA account?
What is a Totten Trust?
What is a 529 Savings Plan Account?
What is the 529 Prepaid Tuition Plan?
What is the Coverdell Education Savings Accounts (Education IRAs)?