What Are CUTMA Accounts?

Q.  As a grandparent, I keep hearing about CUTMA accounts, usually in discussions about gifts to grandchildren. What are they, actually? A. CUTMA is an abbreviation for “California Uniform Transfers to Minors Act” and, as you surmise, it refers to gifts made to minors. Minors cannot own property in their own name, as the law… Read More »

Tax Savvy Year-End Gifts

Q.  My wife and I are considering making large gifts to our two children and four grandchildren, and we would like to do so in a way that is “tax wise”.  Do you have any advice for us?   A. Yes. Many people mistakenly believe that you cannot gift more than $14,000 per year without… Read More »

Novel Gift Idea For The Graduate

Q.  Our grandson is graduating college and we would like to get him a gift which recognizes the beginning of his adult life and career.  We thought of something of a “legal” nature and wondered if you have any ideas?  A.  Great thought and indeed I do.  Why not arrange through your attorney to provide… Read More »