Reply to F---ing I-Bonds

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]For those of you doing accounts for the kids, is it still your money, or are you basically ceding $20k to your kids?[/quote]

Legally, it's ceding money to them although you control it as long as they are minors.

If you don't want to actually give them money, just don't tell them.  You create the account in their name, control the userid/login, etc and when it's time to move the money over to yourself, just do it (as long as you stay within the gift tax limits).  They would be none the wiser.[/quote]

That would be stealing from your kids. If you opened the account in their name, it’s theirs and you are the custodian with a legal responsibility to manage it for them. You could use it for their benefit, like school or camp, but you can’t just buy yourself a car with your kids’ money.[/quote]

Not when they are minors and you are their parents and you funded the account.[/quote]

No, once you gifted the money to them it’s theirs and you are a fiduciary with the duty to spend it for their benefit. They could sue you when they reach 18 for breach of fiduciary duty or you could be criminally prosecuted for theft.[/quote]

I worry about many many things in life but this will never be one of them.  [/quote]

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