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Reply to "Way to set up new account to max out annual gifts"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]we set one up for each of our kids many years ago - as a joint account but kids as primary owners and me as secondary. each has about 320k right now. they all have good jobs. we have it with vanguard[/quote] This has the potential to raise gift tax issues of you care about that[/quote] I doubt it. This is probably an UTMA account. The contributions are irrevocable. The taxes due are income taxes, and if this PP has a tax preparer or even turbo tax, it’s probably been done right because Vanguard will send them all the forms. If they put in more than the limit each year they should have filled out an estate tax form but they wouldn’t owe anything. PP would be the custodian until the kids reach 18 or 21 depending on the state. You can’t just hold or take out the money because you think the kids are irresponsible. But if you did, they would have to sue you to do anything about it. There’s no oversight unless someone complains. [/quote]
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