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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: of 75642  
Subject: Re: ot 16th birthday Date: 10/25/2013 9:39 AM
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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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