Hello,
In my 80's now, so please bear with me a bit.
Many, many, years ago we opened up a savings bank account labeled "In Trust For" my son.
Simple CD, which we've been renewing, automatically, over the years for continual 12 month renewals.
My S.S. number, and we've been paying the taxes on the interest.
Want to get my son the $ in it now.
How do we go about this please ?
Does that $14,000 (no tax) limit apply ?
Are there "any" tax implications for us or him, if we just close out the account and give him the $ in it ?
What's the best way of giving him the $, or transferring ownership of this account to him, or...?
Much thanks,
Appreciate the help and advice, Bob