Ask Experts Questions for FREE Help !
Ask
    raventure's Avatar
    raventure Posts: 1, Reputation: 1
    New Member
     
    #1

    Jun 23, 2009, 01:01 PM
    "In Trust For" bank account -Gift tax implications
    Are there any gift tax implications for creating,funding and/or withdrawing funds from an "In Trust For" (ITF) bank account .
    Are there special rules for an account in New York State ?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #2

    Jun 24, 2009, 10:46 AM
    To be truthful, I do not know. I suspect ebaines or IntlTax MAY know, but I am not sure.

    This is an exceptionally complex tax question, one that, to be quite frank, should NOT be posted to a forum such as this, but rather posed to a qualified tax professional who has your total financial picture available to him/her.
    IntlTax's Avatar
    IntlTax Posts: 831, Reputation: 23
    Tax Expert
     
    #3

    Jun 26, 2009, 06:00 AM

    This type of transaction is sometimes referred to as a “Totten” trust. Because the transfer into the account is revocable, the transfer is not a completed gift. Only when amounts are distributed from the account to the donee is there a completed gift.

    This type of account is effective in moving assets from probate.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Can you "reclassify" money in a Notes Payable account to an Equity Account? [ 6 Answers ]

I'm the bookkeeper for a small, privately owned, company. When the owner originally purchased the company, he borrowed money from Joan (his mom) as well as his personal finances. These loans were booked (in QuickBooks) as two separate Notes Payable. Now the company is going out of business. The...

Rehearsal dinner gift declined as "not good enough" [ 7 Answers ]

My 30 year old son is marrying his 29 year old live-in girlfriend. They live 1.5 hours from us and 6 hours from her parents. As my oldest son, he was very happy and wanted us to get along well. After two visits to our home, we felt that he was in the hands of a master manipulator. On their...

Painting titled "Trust" St. Bernard and girl [ 11 Answers ]

I have a painting with a girl and a Saint Bernard dog titled "Trust", can anyone tell me anything about it?


View more questions Search