Gifting to Children: Trusts for Minors
-trust provisions say he must be notified of this right;
-the amount that can be withdrawn is the greater of $5,000 per year or 5% of the trust's value;
-the trust will pay income tax on income it does not distribute and the child will pay income tax on income distributed to him;
the trust is flexible, in that it can be set up for more than one child at a time;
-income and principal can be distributed in equal or unequal amounts to the beneficiaries depending on their needs at the time.
The copyright of the article Gifting to Children: Trusts for Minors in Estate Planning is owned by Susan M. Weschler. Permission to republish Gifting to Children: Trusts for Minors in print or online must be granted by the author in writing.
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