Not exact matches
While the age increase was implemented to curb asset shifting by the wealthy, it has the unintended consequence of penalizing teenagers who work and save their money and
parents who save for college using
custodial accounts in their children's
names.
A
parent or grandparent can use a Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account (i.e., «
custodial» account) to save for a child, but the child
named on the account would gain control once he or she reaches a specified age.
Many
parents open
custodial accounts for their children and
name themselves custodian.
This is usually a straightforward decision if you have a divorce decree which
names the
custodial parent.
Form 8332 requires a taxpayer to furnish: (1) The
name of the child; (2) the
name and Social Security number of the noncustodial
parent claiming the dependency exemption deduction; (3) the Social Security number of the
custodial parent; (4) the signature of the
custodial parent; (5) the date of the
custodial parent's signature; and (6) the year (s) for which the claims were released.
College Savings Bank College Savings Checklist College Savings Surveys Coverdell Education Savings Accounts Credit Card Rebate and Loyalty Programs BabyCenter BabyMint Fidelity 529 College Rewards MasterCard FutureTrust LittleGrad MyKidsCollege SAGE Tuition Rewards Program Upromise Crummey Trust Easy Savings Tips Education Tax Benefit Coordination Gift Taxes IRC Section 529, As Amended IRS Notice 2001 - 55 Investment Strategies Myths about Saving for College Rating the State Section 529 Plans Retirement Plans Saving in the
Parents»
Names Savings Bonds Savings Calculators Savings Goals Prioritizing Savings Section 529 Plans Section 529 College Savings Plan Loophole Section 529 Professional Resources State Section 529 Plans State Tax Deductions for 529 Contributions Tax Savings from Child Asset Ownership Trust Funds and Financial Aid Tuition Inflation Independent 529 Plan UGMA & UTMA
Custodial Accounts Using Your Home Equity Variable Life Insurance Policies Savings Social Networking Programs
Section 5 (1) of the Change of
Name Act permits a custodial parent to apply to the Registrar General to change a child's name, unless a court order or separation agreement prohibits the cha
Name Act permits a
custodial parent to apply to the Registrar General to change a child's
name, unless a court order or separation agreement prohibits the cha
name, unless a court order or separation agreement prohibits the change.
Finally the
custodial parent should save these reimbursement demands, and any responses from the other
parent, in a designated file folder (I like to
name the folder «medical reimbursement») within the email program that
parent uses.
You should be aware of the fact that only a
custodial parent can place his or her child's
name on the control list.
What rights does a court have over child related decisions when an interim
custodial parent has been
named?
You can also
name a life insurance trust as the beneficiary, and
name the
custodial parent as the trustee.
In the event that the policy is being purchased solely for the benefit of an ex-spouse and the children, the ex-spouse purchasing the policy can
name the
custodial parent as the owner of the policy.
To avoid this possibility, the
custodial parent may want to negotiate the need to be the
named policy holder.
They
name a «
custodial parent.»
In order to do this, the
custodial parent prepares a motion to suspend visitation, stating the
names and relationship of the parties.
Factors include, the length of time the child used a certain surname, the identification of the child as a member of a family unit, the potential anxiety, embarrassment, or uneasiness the child might experience if the child bears a last
name dissimilar from his or her
custodial parent, and, if applicable, the child's expressed preference for a particular parental surname.
The
custodial parent can make it easier for other relatives to step in through a few estate - planning measures, such as
naming another guardian for her children in her will.
Further,
custodial parents who seek government benefits, such as welfare or food stamps, may be required to
name the child's father and participate in child support enforcement actions.
A divorce court typically
names one
parent as the
custodial parent who has primary responsibility for raising the child.
(Using such a presumption in favor of the
custodial parent shifts the burden to the other
parent of proving that the new
name chosen by the
custodial parent is not in the child's best interest, giving the
custodial parent a strong advantage at a
name change hearing.)
(In Gubernat the Supreme Court in 1995 ruled in a case involving children of
parents who never married, that the court in ruling on a
name change motion should consider: «[T] he length of time that the child has used one surname, the identification of the child as a member or part of a family unit, the potential anxiety, embarrassment, or discomfort the child might experience if the child bears a surname different from the
custodial parent, and any preferences the child might express, assuming the child possesses sufficient maturity to express a relevant preference.»)
Typically, a New York court will
name one
parent as the
custodial, residential or primary
parent, and the other as the non-
custodial parent.
The
custodial parent may then change the child's
name, move out of the state or take any other action on her own that would otherwise have required the non-
custodial parent's permission.
[Held: trial court did not abuse its discretion in terminating mother and father's shared
parenting plan and
naming father as the residential and
custodial parent of the parties» two youngest children.]»
In any child custody case, one
parent will typically be
named as the
custodial parent and assume primary responsibility for the child's overall well - being.