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gifting utma
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malib...@gmail.com
Mar 5, 2008, 6:54:09 PM3/5/08
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Relatives of my 10 year old nephew placed a substantial sum in a UTMA
account for his benefit. His parents are in severe financial need.
Is it possible for the child (trustee) to gift $10,000 to his parents
without legal or tax consequences. Is a bank obligated to report the
transaction.
account for his benefit. His parents are in severe financial need.
Is it possible for the child (trustee) to gift $10,000 to his parents
without legal or tax consequences. Is a bank obligated to report the
transaction.
Phil Marti
Mar 5, 2008, 8:09:01 PM3/5/08
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