Minor Qualifying for Annual Gift-Tax Exclusion
Gifts in trust to minors are quite common, both as a means of building up a child's estate and as a way to minimize federal gift, income, and estate taxes payable by the trustor or the trustor's estate. A carefully drafted minor's trust can provide competent management of the property on the minor's behalf, while avoiding any problem of the minor's disability to act with respect to that property. Such a trust can effect substantial tax savings for the trustor-donor while regulating distribution of the trust income and principal in keeping with the needs of the minor.
A section 2503(c) Minor's Trust is a separate legal entity (a trust) established to hold gifts in trust for a child until the child reaches age 21. The trust is named after the section of the Internal Revenue Code upon which it is based.
Normally, for a gift to qualify for the annual gift tax exclusion, it must be a gift of a present interest. This means the recipient must be able to use the gift immediately. A gift of a future interest in some property (e.g., the right to the money when the child turns 21) would not normally qualify, except for section 2503(c) of the Internal Revenue Code. Section 2503(c) sets out the conditions under which a gift of a future interest to a minor qualifies for the gift tax exclusion.
Louisville Kentucky Multiple Trusts for Children -- Trust Agreement for Minor Qualifying for Annual Gift-Tax Exclusion
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Louisville
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US-0977BG
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Today, the city is known as the home of boxer Muhammad Ali, the Kentucky Derby, Kentucky Fried Chicken, the University of Louisville and its Cardinals, Louisville Slugger baseball bats, and Fortune 500 company Humana.
Known historically as the 'Gateway to the South', Louisville has long been a transportation center for the region. Other local nicknames include 'River City' and 'Derby City', in addition to the myriad of ways the name can be pronounced, depending on one's accent.
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Today, the city is known as the home of boxer Muhammad Ali, the Kentucky Derby, Kentucky Fried Chicken, the University of Louisville and its Cardinals, Louisville Slugger baseball bats, and Fortune 500 company Humana.
The people are generally very friendly in this area, and they often refer to Louisville being the biggest small town in the nation. However, like any area or city, Louisville has its share of less than great areas that have the potential to be dangerous for people in them. Overall, its a great place to live.
Kentucky Louisville, largest city in Kentucky, U.S., and the seat of Jefferson county, opposite the Falls of the Ohio River. Louisville is the centre of a metropolitan area including Jefferson county in Kentucky and Clark and Floyd counties in Indiana. Louisville | Location, History, Attractions, & Facts | Britannica britannica.com ? place ? Louisville-Kentucky britannica.com ? place ? Louisville-Kentucky
Louisville is Known for the Following Things: The home of Muhammad Ali and the Kentucky Derby. The birthplace of Kentucky Fried Chicken (KFC). Louisville Slugger baseball bats. Being the headquarters to six Fortune 500 companies.
Louisville's commercial influence extended over a vast area of the South and the Midwest. During the American Civil War, the city served as a military headquarters and a major Union supply depot. It escaped the ravages of war and became an important way station for slaves seeking freedom in Indiana, across the river.
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