What is the name of your state (only U.S. law)? Florida.
We are retired and want to give some college support money to one of my son's children who will be entering college Sept 2016. However, we want to give it in the form of stock that we would transfer to my son or grandson. My grandson already has a formal college savings plan and lives in NJ. We do not want to incur capital gains tax on ourselves, thus the reason for giving stock instead of cash. Furthermore, to complicate matters, my son is applying for college financial aid and he is fearful that the money we want to give him, would put his income over the limit for receiving any financial help. So, the question is: How can we give him/his son money (in the form of stock) that won't disrupt his application for aid.
We are retired and want to give some college support money to one of my son's children who will be entering college Sept 2016. However, we want to give it in the form of stock that we would transfer to my son or grandson. My grandson already has a formal college savings plan and lives in NJ. We do not want to incur capital gains tax on ourselves, thus the reason for giving stock instead of cash. Furthermore, to complicate matters, my son is applying for college financial aid and he is fearful that the money we want to give him, would put his income over the limit for receiving any financial help. So, the question is: How can we give him/his son money (in the form of stock) that won't disrupt his application for aid.
