how to create barcodes in visual basic .net The money can be used for whatever the investor wants It does not revert to the minor in Software

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The money can be used for whatever the investor wants It does not revert to the minor
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HARVARD, YALE, OR YOUR LOCAL COMMUNITY COLLEGE
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tuition and books, right But now, your child has decided that he or she would rather backpack across the Himalayas so you would rather use your $50,000 to buy a new car The money is in your name, you ve paid the taxes on it over the years, so therefore, you can buy a car or do whatever you want with that money
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INVESTING UNDER THE MINOR S NAME
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Now let s assume that you want to put aside that $5000 for your son, who was just born You decide that you are going to put that money under his name, so you don t have to pay the taxes on it There are two ways to do this You can open a joint account with your son as the coowner, but then you would be responsible for the taxes due for all distributions You want to avoid this, so you open a Uniform Transfers (Gifts) to Minors account, or an UTMA/UGMA This type of account says the minor, in this case your son, is the owner of the account, but you are the custodian All income taxes on the mutual fund are your son s responsibility, which for most minors means that there will be no taxes paid because they usually don t make enough to pay taxes As custodian, you have the right to make any changes to the investment (ie, which mutual fund the money is invested, etc) However, the money is considered, by law, to be a gift Therefore, when your son turns 18 years old, the account becomes his So, let s say that the original $5000 has become $50,000 again This time, when your son tells you that he is going to the Himalayas instead of college, he has a legal right to use that money as he wants It is under his control, by law, not yours One way partially around that is to make the account a joint account with you and your son upon his reaching the age of majority While he would still be the taxpayer on the account, you would also be considered the legal owner of the assets If the UTMA (or UGMA) account becomes his sole account when he turns 18 (age of majority varies by state), you have no legal right to that money, even though it was your money that has grown over the years You, as the parent and money donor, don t have to be the custodian of the account, though You may designate any adult to be the custodian of the account However, the same rules apply; the money
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Investing under the minor s name UGMA/UTMA Initial investment = $5000 $5000 = $50,000 Son = Backpacking in the Himalayas $50,000 = Son s money at age 18 Because the account is UGMA or UTMA, it becomes the son s at the age of majority, normally 18 However, this will vary by state
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is a gift and will revert to the minor when he or she reaches the age of majority The gift, also, doesn t have to be just cash The minor may be given bonds, stock, etc, in lieu of cash The gift tax laws apply to these types of accounts That is, an individual may give up to $11,000 per year, per individual before triggering any gift tax Any more money given to a minor by one individual would be taxed The value of a UGMA/UTMA may also reduce your child s eligibility for financial aid
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With the recent changes in the federal tax law, education IRAs have become a more attractive choice to help fund education than they used to be Education IRAs are essentially a tax-deferred way of growing money to help pay for a child s higher education The main attraction to these accounts is that as long as the money is used for qualifying expenses, which we discuss, the distributions are tax-free Under the old tax law, contributions were limited to $500 per year Considering the fact that this money was going to be used for college
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