Legal Question in Tax Law in New York

How do I set up a bank account for money gifted to four child in lieu of flowers after their fathers death


Asked on 12/08/11, 9:31 pm

1 Answer from Attorneys
Nancy Delain Delain Law Office, PLLC

I am sorry to hear of your children's father's death.

You can open an account at any bank or credit union, called a Uniform Gift to Minors ("UGMA" or "UGTMA") account, for each of your children, then split the money they received as gifts between them. The bank or credit union can help you with the UGTMA paperwork.

Nancy Delain

Delain Law Office, PLLC

518-371-4599

THIS POST CONTAINS GENERAL INFORMATION AND IS INTENDED FOR ENTERTAINMENT PURPOSES ONLY. IT DOES NOT CONSTITUTE LEGAL ADVICE, NOR DOES IT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP. FOR LEGAL ADVICE ON YOUR PARTICULAR MATTER, CONSULT YOUR ATTORNEY.

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Answered on 12/09/11, 10:11 am


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