b**t
发帖数: 33 | 1 do people do that? if so how do you do it? just open an account in your chil
d's name and deposit up to 14k? does the kid have to file tax return for
interest?
thanks | z*z
发帖数: 1309 | 2 If you like, of course you can do it. Usually this option is for affluent
families who will leave large amount to kids anyway. However, you need to be
aware that when kids reach the age 18, they can freely use the money under
their name. E.g.,to buy a fancy car instead of pay for college
The normal guidance to leave money to your children is to let them get the
money after they had established themselves, like after age 45, so youth won
't just use money early without working hard.
No need to worry about tax on interest since interest will be below the
lowest bar for tax, like first $2000 income subject to no tax.
chil
【在 b**t 的大作中提到】
: do people do that? if so how do you do it? just open an account in your chil
: d's name and deposit up to 14k? does the kid have to file tax return for
: interest?
: thanks
| p*i
发帖数: 1328 | 3 The correct way is to create a trust and fund the trust with your 14k while
you can be the trustee and monitor the distribution of trust asset. You need
to file a tax return for the trust every year but no money is due.
chil
【在 b**t 的大作中提到】
: do people do that? if so how do you do it? just open an account in your chil
: d's name and deposit up to 14k? does the kid have to file tax return for
: interest?
: thanks
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