A UGMA can affect a donor’s lifetime gifting limits for tax purposes. Should a donor who acts as the custodian die before the custodial property is transferred to the minor, the entire custodial property is included in the donor'staxable estate. Up to $18,000 per individual can be contri...
Cashor acash equivalentthat an individual transfers to another individual while neither receiving nor expecting anything in return. As with all gifts, a money gift istaxablein the United States, but only if itsvalueexceeds $13,000 (in 2009) and is not specifically excluded. For example, gifts...
Parents are worried that it may provide negative impact on their children's motivation to achieve or create a sense of entitlement on children. Family members should first discuss the potential issues that might occur before large gifts are made.Rivers...
Gifts of real estate are more often than not made between family members. Many parents gift real estate in order to get their kids set up in an affordable house of their own. For example, when parents retire and move to a new, smaller dwelling, they may give the child the old house, ...