Q: Is it legal to gift/give 14k to my grandchildren and put in a CD and be the custodian, any paperwork required?
I want to lower my tax interest and still remain in control of monies. Can this be done by just putting CD in their SS#?
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A:
Take a look at opening 529 accounts for them for education purposes or a regular old Uniform Gift to Minors Act (UGMA) accounts at a bank or brokerage. More information here:
https://www.cumberlandlegacylaw.com/how-to-gift-money-to-children-using-utma-or-ugma-accounts
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