Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Next Thread
Author: FalseStaff Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 6774  
Subject: Child owns shares--brokerage is confused Date: 8/1/2007 10:31 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I have an odd situation. My 2 y.o. was given a few blocks of shares over the past couple of years by his grandmother. The shares are in his name. The company is public, but closely held. He's registered with the company as the owner, for dividend reinvestment, etc.

I finally got around to opening a UTMA account for him at TD Ameritrade, and sent them the share certificates. They have now sent me all sorts of forms: POA, Affidavit of Custodianship, and a release they want signed by my bank.

Fair enough, assuming I was gifting him the shares, except they're not my shares to give.

Does this sound legitimate, or am I stuck in the discount broker "we don't want to do any legwork" zone?
Print the post Back To Top
Author: FalseStaff Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 6684 of 6774
Subject: Re: Child owns shares--brokerage is confused Date: 8/2/2007 11:14 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Is this the wrong forum for this sort of inquiry?

Print the post Back To Top
Author: chk999 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 6685 of 6774
Subject: Re: Child owns shares--brokerage is confused Date: 8/2/2007 11:51 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
This seems to be a low traffic group, so it may take a while to
get an answer. There are more people over in some of the tax advice
groups that might be able to help.

Chris

Print the post Back To Top
Author: reallyalldone Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 6686 of 6774
Subject: Re: Child owns shares--brokerage is confused Date: 8/2/2007 11:52 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Maybe - I might suggest the Tax Strategies board - http://boards.fool.com/messages.asp?mid=25748451&bid=100155

You have so many issues going on that I don't know where to start honestly. The original registration of the shares should have had a custodian and since they didn't, I have no suggestions to make.

I would suggest you familiarize yourself with the recent changes to the taxation of accounts of minors :
http://www.fairmark.com/news/070528a-kidtax.htm

rad

Print the post Back To Top
Author: BetterThanGold One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 6763 of 6774
Subject: Re: Child owns shares--brokerage is confused Date: 12/1/2011 1:07 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
also planning to open a brokerage account for my daughter...trying to check to find forum for that

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev Thread | Next Thread
Advertisement