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Path: utzoo!linus!decvax!harpo!seismo!hao!csu-cs!silver
From: silver@csu-cs.UUCP
Newsgroups: net.invest
Subject: Re: savings for children?
Message-ID: <2322@csu-cs.UUCP>
Date: Sun, 17-Jul-83 17:36:55 EDT
Article-I.D.: csu-cs.2322
Posted: Sun Jul 17 17:36:55 1983
Date-Received: Mon, 18-Jul-83 10:22:30 EDT
References: fluke.1021
Lines: 16


Nowadays there's  something called the "Uniform Gifts to Minors Act".  I
don't know all the  details but I know  enough  about it to be using it.
You still pay taxes on your income,  including any  portion(s)  given as
gift(s), but your child pays the taxes (if any) on interest,  dividends,
etc.  from  the  gift(s)  once  invested.  The  advantage  is  that  you
(actually,  your child) can start earning "tax free" income now on money
you'd like to give your child eventually anyway.

As guardian of a gift account, you can withdraw  funds from it if needed
for the  welfare  of the  child,  but can be held  accountable  in court
later.  The account can take a variety of forms, from stocks to savings.
Talk to a broker or account adviser for more information.

Alan Silverstein, Hewlett-Packard Fort Collins Systems Division, Colorado
ucbvax!hplabs!hpfcld!ajs, 303-226-3800 x3053, N 40 31'31" W 105 00'43"