I own a small piece of real estate that I would like to gift to a grandchild. It has a value of $19,000 and the property is held in j/t and we could take advantage of the gift tax exemption. Is there a way I could use a trust for minors? I have heard I may have a problem with a gift of future interest (no exemption). Thank you.
Ed
If the property is jointly owned (you and spouse), you can gift it without gift taxes. It technically goes to something like "Mother, custodian for Child, under the State Uniform Gifts to Minors Act." Seth
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