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Author: Lokicious Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121150  
Subject: Gifts and Mutual Fund ? Date: 3/13/2001 11:11 AM
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As I understand it, in principle a husband and wife can each give $10,000 annually to their child and their child's spouse (for a total of $40,000).

Can the husband and wife transfer a joint mutual fund of $40,000 to the joint ownership of their child and child's spouse. Or is it necessary to sell the fund, give cash, then have the child and spouse set up a new fund?

Thanks.

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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 48377 of 121150
Subject: Re: Gifts and Mutual Fund ? Date: 3/14/2001 4:36 AM
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As I understand it, in principle a husband and wife can each give $10,000 annually to their child and their child's spouse (for a total of $40,000).

I agree so far.

Can the husband and wife transfer a joint mutual fund of $40,000 to the joint ownership of their child and child's spouse. Or is it necessary to sell the fund, give cash, then have the child and spouse set up a new fund?

Certainly the husband and wife can elect to use gift-splitting, so that the titling of the asset gifted can be in either name or in both names. So I don't see any need to sell the fund before making the gift. And once a gift is received, an adult child can own that gift jointly with their spouse. So again, I don't see a need to set up separate accounts by the recipients.

Maybe someone else will have another point of view.

--Peter

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