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You can name adult children ages 18 or older directly as beneficiaries on your accounts through a transfer-on-death designation or in your will, giving them full control of the assets.
3. ‘Keep your money in a savings account.’ When you’re older, keeping your money in a safe place is important. However, that’s not good advice when you’re young.
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The Uniform Gifts to Minors Act (UGMA) is an act in some states of the United States that allows assets such as securities, where the donor has given up all possession and control, to be held in the custodian's name for the benefit of the minor without an attorney needing to set up a special trust fund.
The post The Tax Consequences of Transferring Stock to a Trust appeared first on SmartReads by SmartAsset. There are significant tax implications associated with this strategic decision that you ...
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...
Rich young Americans have lost confidence in the stock market — and are betting on these 3 assets ... "There are more adult children living at a parent’s home today than thirty or forty years ...
Some adult children might not realize just how many outstanding expenses are part of their parents’ lifestyle, like an existing mortgage they are working to pay off or a credit card balance.