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Strategies & Market Trends : A.I.M Users Group Bulletin Board
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To: LemonHead who wrote (14578)1/25/2001 4:18:54 PM
From: Bernie Goldberg  Read Replies (1) of 18928
 
Hi,
Don't know how much your son makes but I would recommend Uniform Gift to Minor. You would control it until he is 18 or whatever in your state. Taxes would be based on his tax bracket. With an IRA you would be limited as to how much you could put in it on an annual basis. Usually not enough to make a difference.
The only problem with a Uniform Gift is that the money is his period. When he reaches the age of majority, he can do whatever he wants to do with it. He takes over control, and you would have nothing to say about it at that time.
Just my 2 cents.
Bernie
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