Federal regulation allows the establishment of a trust for minors so that income can be collected until the minor reaches age 21. Then the income can be paid out and the $10,000 annual gift tax exclusion for each beneficiary can be applied.
The Rantings of the barely human.
Federal regulation allows the establishment of a trust for minors so that income can be collected until the minor reaches age 21. Then the income can be paid out and the $10,000 annual gift tax exclusion for each beneficiary can be applied.