Q: If a child gets a gift from their parent, does the gift belong to the child or the parent?
A: That is a loaded question. Assuming the gift is made from the parent's own money and not made for some fraudulent purpose, then a gift is a gift and as long as there is donative intent and a perfected delivery, it should be a done deal.
If you ask the IRS, a bankruptcy judge, or a family law judge the same question, depending on the circumstances surrounding the gift, they may make different conclusions. I am assuming also that the parent is giving the child an age appropriate gift like a tricycle and not transferring 100% ownership interest in a billion dollar company to a 3 year old while still secretly running the company.
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