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Reply to "Tax Deferred Annuity Basics"
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[quote=Anonymous]So you are going to hit them with a 10% penalty for withdrawals before 59 and 1/2? If you have the money to do this now and into the future and you have faith in your kids I would just open investment accounts in their names. If you have the money to do this indefinitely and want to have some legally enforceable restrictions, you might consider a crummey trust. If you don't plan to do this repeatedly but you have some money now you want to set aside to pay for weddings or downpayments in the future, you could do that without actually giving it to the kids- just set up an account in your name and let them know (or not). Chances are the gift tax won't be significant hindrance to transferring the money later.[/quote]
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