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Started By
Message
re: Inheritance Advice
Posted on 1/24/23 at 10:34 am to slackster
Posted on 1/24/23 at 10:34 am to slackster
If not in a trust or UTMA, doesn't the money technically end up just belonging to the minor guardian? Grandparents wrote one big check with everyone's name on it, I cashed it in my bank account where it sits for now.
3
Posted on 1/24/23 at 10:44 am to EveryonesACoach
quote:
Grandparents wrote one big check with everyone's name on it, I cashed it in my bank account where it sits for now.
What did it say in the payee line?
Posted on 1/24/23 at 11:22 am to EveryonesACoach
quote:
randparents wrote one big check with everyone's name on it, I cashed it in my bank account where it sits for now.
Dammit.
I make my clients issue one check per donor, per donee. So if mom and dad are giving 50K to son and daughter in law, that's four checks written.
Kids can only have custodian accounts (UTMA/UGMA). Yes, it sounds like the payee now has a big chunk of money. If you then open up the custodian accounts for the kids, and fund them, you are making a gift from you to them, and gift tax rules apply.
Posted on 1/24/23 at 7:18 pm to EveryonesACoach
quote:
Grandparents wrote one big check with everyone's name on it
Not the right way to do that.
Should have been separate checks.
quote:
I cashed it in my bank account where it sits for now.
Not the right way to do that.
Should have been separate bank accounts.
Did they spring this on you without warning?
Something like this needs a little thought and preparation first.
This post was edited on 1/24/23 at 7:23 pm
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