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My parents opened a checking/money market account a long, long time ago with all our names on it. They opened it designated as "Custodians" on the account, apparently since I was a minor, with the idea of using the money toward education, home down payment, grandchildren's education, etc.

Being rather "non-active" financial planners to this point, the account has pretty much been sitting there, with deposits from royalties and other dividends going into it. Any income that has been deposited into this account or resulting from it (interest) has gone on my personal income tax return for at least several years.

So, my question is, does it matter if mom writes me a check or I write myself one from this account in order to move some of the funds into one I solely control? Does the "custodian" designation restrict me from doing this myself, even though I've been of legal drinking age for some time? Are there any gift tax implications to transferring this money, even though it's been in an account with my name on it, and I've been paying the taxes on it's source and interest?

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