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Financial Planning / Paying For College


Subject:  Re: Parent vs Child Assets Date:  8/10/2001  5:35 PM
Author:  reallyalldone Number:  4194 of 8558

Any gift above $10K in a year may be subject to gift tax by the person giving the money away. You should check the IRS regulations before gifting any large sums of money. The rules are currently changing as this is connected to the Estate tax.

Glad you mentioned it - I almost put it in my original post but since I was referring to money other than UGMA money, I doubted a minor would have access to that much money outside of a UGMA account. With some searching on best search engine, IMHO), I found this table of majority ages by state:

I am not endorsing anything on this site(because I haven't looked at anything except the table) but thought the table might be useful to some here. I suspect readers will be surprised by the number of states that use 21 - particularly with all the theoretical horror stories concerning 18 year olds squandering UGMA money.

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