QUESTION
A stock created in Calif.in 2005 with parent name custody for daughter name uniform gift to minor act with the sons social security number?
Asked on Apr 11th, 2016 on General Practice - California
More details to this question:
The parent has been cashing the dividends checks for 10 years and a CPA noticed on check stub that the other child's social security number was listed. Who does the stock belong to? The name (daughter) or ss number (son)?
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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It depends on the intent of the parent. Is there any evidence of what the parent intended? Most likely, it's the named child, and not the social security number, that is to receive the property. No one calls their child by their social security number. And if the child was a minor, then either there was no income tax to pay or the parent was paying the kiddie tax.
Answered on Apr 12th, 2016 at 7:31 AM