Reply to Way to set up new account to max out annual gifts

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Thanks, all. This is OP. This was very useful. We will set it up in kid’s name only and tell of its existence but talk about benefits of not touching it and letting it grow until it’s needed for something bigger. That was useful information about how a joint account could run into tax issues so we won’t do it that way. [/quote]

I would either give the money for the kid to use as he wants, or hold back until he is more established. The in-between situation can be risky. A relative's young adult child developed a drug addiction after college and it was worsened by her having access to a large amount of money that had been gifted to her and held for later. Once it is in your kid's name you can't get it back.[/quote]

This. What is the point of setting up an account in their name if you don't want them to use it yet? If you are managing it, they aren't really learning to manage their money, and in fact if they know they have this money to fall back on, they may be more cavalier about managing their own income.

If you want to help them buy a house one day, just save for it yourself and when the time comes, tell them of your gift then. [/quote]

Google AI came to the consensus that giving regular gifts can create a sense of entitlement and that they should be specific and irregular.  I like that answer.[/quote]

I dunno, it’s because of my parents planned and regular giving that I took a big swing on starting a business. It worked out, and I made way more money than I would have otherwise. But without the gifts, I would still be grinding for a salary. Which is fine. The business could also have failed spectacularly and I would have needed to use their money to keep my family on its feet.

I just don’t think any of this can be controlled by the giver, whether they are alive or dead. Give it or don’t give it, but you’re not in charge of the outcomes. [/quote]

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