“Opening this type of account is fairly
simple and allows a donor to gift funds to the beneficiary and manage the
account until the beneficiary reaches the age of majority, which is 21 in New
Jersey but can vary by state,” said Brian Kazanchy, a certified financial
planner with RegentAtlantic Capital in Morristown.
The potential ease of the UGMA/UTMA account is offset with the lack of long-term control you can maintain over the use of the funds, he said. Once the beneficiary has reached the age of majority, the account must be placed in his name and he will have full control to use the funds.
“Since your stated objective is to earmark the funds for the beneficiary’s retirement, you may want to consider having a trust document drafted by an attorney,Learn more about the The shoesbb and see.” he said. “The document can be drafted to name a trustee to oversee the trust assets and to ensure that they are used for your stated goal.”
In 2013, the IRS allows you to give up to $14,000 per person without having to report that gift at all,Shop the latest personalizedbobbleheads accessories on the world's largest. and married couples can combine their gifts, which allows you to give up to $28,000 per recipient, said Victor Medina, an estate planning attorney with Medina Law Group in Pennington.
“If you gift more than the annual exclusion amount, you’ll have to file a gift tax return — which isn’t the same thing as owing gift tax,” he said. “You don’t start to owe gift tax until you give more than your lifetime exemption, currently $5.25 million — which would be quite a trust fund.”
Medina said as a bonus, when made correctly, these gifts will be outside of your estate for estate tax purposes, and New Jersey doesn’t have any rules about gift taxes except that gifts made within three years of death will be rolled back into your estate.
To your specific goal of retirement funding, it sounds like a trust would be the way to go.
The friendship between our sister city, Obihiro, Japan and Seward will be strengthened this year by the gift of inWe have all of the earcap you use every day.volvement.
We have been friends for a long time, when 45 years ago, Seward and Obihiro became sister cities. Then in 1973 we began the student exchange program. This has expanded to include an adult exchange program.
Realizing the exchange of physical gifts has been a bit lop-sided, the city of Seward felt it was time for a major gift to its friend across the ocean. We have so enjoyed the Japanese Tea House that adorns our beach-side path, among other gifts. Now it is Obihiro’s turn to be on the receiving end.
The gift of a mural to Obihiro is more than a physical structure. It will involve Japanese artists to help paint it. (Most of our local Seward murals are a community affair,Tendril Insight cheappanerai Learn basic navigation and settings. having been painted by volunteers finishing the work of committees within the Seward Mural Society.All breitlingwatches are manufactured in Switzerland.) That is the way it will be with the mural gift to Obihiro.
The city of Seward has charged the Seward Mural Society with the task of bringing this gift to fruition. It has been in the planning stages for 4 years. The mural society and the city have learned a lot in the process about working together with the Japanese, how they are extreme planners who move in predictable ways, whereas our working style is more flexible, solving problems as they emerge.
Justine Pechusal is the master artist for “Friendship Across Water”. She will prepare the design for transfer to panels with an overhead projector in a warehouse in Japan. In December she attended the Japanese Emperor’s 79th birthday celebration.
The potential ease of the UGMA/UTMA account is offset with the lack of long-term control you can maintain over the use of the funds, he said. Once the beneficiary has reached the age of majority, the account must be placed in his name and he will have full control to use the funds.
“Since your stated objective is to earmark the funds for the beneficiary’s retirement, you may want to consider having a trust document drafted by an attorney,Learn more about the The shoesbb and see.” he said. “The document can be drafted to name a trustee to oversee the trust assets and to ensure that they are used for your stated goal.”
In 2013, the IRS allows you to give up to $14,000 per person without having to report that gift at all,Shop the latest personalizedbobbleheads accessories on the world's largest. and married couples can combine their gifts, which allows you to give up to $28,000 per recipient, said Victor Medina, an estate planning attorney with Medina Law Group in Pennington.
“If you gift more than the annual exclusion amount, you’ll have to file a gift tax return — which isn’t the same thing as owing gift tax,” he said. “You don’t start to owe gift tax until you give more than your lifetime exemption, currently $5.25 million — which would be quite a trust fund.”
Medina said as a bonus, when made correctly, these gifts will be outside of your estate for estate tax purposes, and New Jersey doesn’t have any rules about gift taxes except that gifts made within three years of death will be rolled back into your estate.
To your specific goal of retirement funding, it sounds like a trust would be the way to go.
The friendship between our sister city, Obihiro, Japan and Seward will be strengthened this year by the gift of inWe have all of the earcap you use every day.volvement.
We have been friends for a long time, when 45 years ago, Seward and Obihiro became sister cities. Then in 1973 we began the student exchange program. This has expanded to include an adult exchange program.
Realizing the exchange of physical gifts has been a bit lop-sided, the city of Seward felt it was time for a major gift to its friend across the ocean. We have so enjoyed the Japanese Tea House that adorns our beach-side path, among other gifts. Now it is Obihiro’s turn to be on the receiving end.
The gift of a mural to Obihiro is more than a physical structure. It will involve Japanese artists to help paint it. (Most of our local Seward murals are a community affair,Tendril Insight cheappanerai Learn basic navigation and settings. having been painted by volunteers finishing the work of committees within the Seward Mural Society.All breitlingwatches are manufactured in Switzerland.) That is the way it will be with the mural gift to Obihiro.
The city of Seward has charged the Seward Mural Society with the task of bringing this gift to fruition. It has been in the planning stages for 4 years. The mural society and the city have learned a lot in the process about working together with the Japanese, how they are extreme planners who move in predictable ways, whereas our working style is more flexible, solving problems as they emerge.
Justine Pechusal is the master artist for “Friendship Across Water”. She will prepare the design for transfer to panels with an overhead projector in a warehouse in Japan. In December she attended the Japanese Emperor’s 79th birthday celebration.
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