Make Tax-Free Gifts
With a Minor's
you want to make annual exclusion gifts to your young children
or grandchildren but are worried about giving minors
unfettered access to the funds?
Then a Section 2503(c) minor's trust
might be the solution.
For a transfer to qualify for the annual exclusion from gift
tax ($14,000 per recipient for 2015), generally the transfer
must be of a "present" interest - essentially, the recipient
must have immediate access to the funds.
So transfers to trusts typically don't qualify. But
contributions to a minor's trust do qualify, provided the
trust meets these requirements:
- Assets and income may be paid to or on behalf of the minor
before age 21,
- Undistributed assets and income will be paid to the minor at
age 21, and
- If the minor dies before reaching age 21, the trust assets
will be included in his or her estate.
When the beneficiary turns 21, it's possible to extend the
trust by giving the beneficiary the opportunity to withdraw
the funds for a limited time (30 days, for example). After
that, contributions to the trust no longer will qualify for
the annual exclusion, unless you've designed it to convert to
a Crummey trust.
As you examine the options for transferring wealth to the next
generation, consider a Sec. 2503(c) minor's trust. We can help
you determine whether this trust type is a good fit for your
estate plan. Please give us a call at 925-634-2344.
SMEED CPA Adds Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA; and Pablo Blanco who has
recently joined SMEED and comes with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
Would You Give Me Your
Feedback & Testimonial
on Our Hotline?
Hello it’s Michael Uadiale, CPA of
SMEED CPA Inc. We’ve just installed a toll-free
number that I would like for you to call and tell me how you
think we are doing as your CPA firm.
Just dial 800-609-9006
extension 3638 and follow the instructions. If we’ve
done a good job please let me know. And if we can
improve on anything, please mention that too.
Us Be Found on
Also as we expand our business,
we find more and more people are using
YELP and Google
to look for us by searching Brentwood accountant or
When they do this we want to
be FOUND on GOOGLE. One way you can help us
is to give us an
ONLINE REVIEW on our Google Maps/Places listing --->
or on our YELP local listing
click here to go to our Google Listing for SMEED CPA and
click on the
YELP link to go there.
Scroll down to the Review area.
On either site it may say: Been here?
Rate and review
You will click on the Rate and
review link and then log in, then
give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues, at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,