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Subject:  Re: ot 16th birthday Date:  10/25/2013  9:39 AM
Author:  reallyalldone Number:  73638 of 88804

She did not take the time to deal with opening the accounts (it's a long story).

If you open UGMA accounts, it will be the parents' responsibility to deal with any tax issues. If you gift shares you own, they will need a record of the cost basis. If you go with any DRIP, those records need to be shared as well.

UGMA accounts also are considered assets of the child for financial aid for college.

It's not as simple as it seems.
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