Perspective
Aug. 12, 2011
Gifting to minor children — is there a best way?
Knowing what options are available for making gifts to minors or to save for college can avoid unpleasant surprises down the road. By Sandy Price of Sideman & Bancroft LLP
Most estate planning attorneys, such as myself, are familiar with a variation of the following call from a panicked client: "Johnny is turning 18 and that special account we set up for him has really grown! It was supposed to be used for college but I just know that if Johnny gets his hands on it, that punk will use the money for a Ferrari and then a year in Europe. Do I really have to turn over all that money to him?!"
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