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Reply to "Way to set up new account to max out annual gifts"
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[quote=Anonymous]Honestly I think it would be better to give it to them but have a conversation about how it is long term savings for a down payment or grad school or whatever. Getting them gradually used to the idea/in practice seems better than a lump sum amount a few years, and your college graduate should be old enough to understand it (I know of teens who get more than the gift amount via a crummey trust and they get the message not to spend the money). Plus your joint account plan won’t work because in that case the gift occurs when the kid withdraws from the account not when you deposit to the account. [/quote]
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