Can a 10k gift to my kids be placed in my acnt?

[BradyJL]

My father wishes to give a gift to me, my wife and to my 3 boys of $10,000 each. Can he place all those funds ($50,000)into my joint (with my wife only) account, and still be considered to be a $10,000 gift to each one of us seperately. Or do the fund gifts designated to the boys need to be placed into their seperate child accounts.

 

[ALawyer]

As the IRS could question the gift, and claim that it used up part of the $675,000 lifetime exclusion, the wiser thing to do is issue 5 separate checks for $10k in each of 5 names and the money should be deposited in at least 4 separate accounts (your's and your wife's could go into the same one).

 

[BradyJL]

I have contracted a lawyer

I have contracted a lawyer and found that I can deposit all the money into my one joint account as long as there were 5 seperate checks or transfers. The lawyer stated since the children were minors that they couldn't be the holders of securities anyway and that the funds would have to be transfered as myself being custodian.

 

[ALawyer]

I'd open up, and put the money into, a Uniform Gift to Minors Account for them in your name. It's the kid's money.