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?
Is this the wrong forum for this sort of inquiry?
This seems to be a low traffic group, so it may take a while toget an answer. There are more people over in some of the tax advicegroups that might be able to help.Chris
Maybe - I might suggest the Tax Strategies board - http://boards.fool.com/messages.asp?mid=25748451&bid=100155You 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.htmrad
also planning to open a brokerage account for my daughter...trying to check to find forum for that
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |