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.
Mesa Arizona Multiple Trusts for Children -- Trust Agreement for Minor Qualifying for Annual Gift-Tax Exclusion
Category:
State:
Multi-State
City:
Mesa
Control #:
US-0977BG
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
Mesa (/?me?s?/ MAY-s?) is a city in Maricopa County, Arizona, United States. It is the third-most populous city in Arizona, after Phoenix and Tucson, the 36th-most populous city in the U.S., and the most populous city that is not a county seat.
Mesas are formed by erosion, when water washes smaller and softer types of rocks away from the top of a hill. The strong, durable rock that remains on top of a mesa is called caprock. A mesa is usually wider than it is tall. Mesas are usually found in dry regions where rock layers are horizontal.
Best Suburbs Near Phoenix, Arizona Chandler. Population: 257,165. Median Home Value: $285,000. Paradise Valley. Population: 14,502. ... Scottsdale. Population: 255,310. ... Gilbert. Population: 248,279. ... Mesa. Population: 518,012. ... Fountain Hills. Population: 24,987. ... Peoria. Population: 172,259. ... Goodyear. Population: 82,835. ...
The city of Mesa Arizona is located about 20 miles east of Phoenix Arizona. Mesa Arizona is one of the larger suburbs of Phoenix.
Mesa, (Spanish: ?table?), flat-topped tableland with one or more steep sides, common in the Colorado Plateau regions of the United States; a butte is similar but smaller.
Mesas are isolated, broad flat-topped mountains with at least one steep side. Mesas are abundant in the southwestern states of Colorado, New Mexico, Utah, and Arizona. Buttes are smaller flat topped mountains or hills with steep slopes on all sides.
Mesa, city, Maricopa county, south-central Arizona, U.S. The name is Spanish for ?tabletop? or ?tableland.? A southeastern suburb of Phoenix, the site was settled and founded in 1878 by Mormons who used ancient Hohokam canals for irrigation.
The core part of the Phoenix Metropolitan Area is the Phoenix?Mesa, Arizona Urban Area, which is far smaller than the Metropolitan Statistical Area.
Interesting Questions
More info
Proponents with projects and activities within state-listed species habitat must file with the NHESP for review and approval before project initiation. Fill out this Interest Form.Before you can register for classes, you must fill out an application online. Completing the online application is easy and free. Click the button to fill out our online interest form. We'll get back in touch to talk about what happens next! If you are interested in joining the MESA Program, please fill out our 2024-2025 interest form. Step 2: Fill out MCC's Mesa Business Builder Educates U entry form. To start the Mesa Business Builder Educates U entry form, select here. All files are in PDF format.