How can my dad (grandpa) transfer shares to my 2 year old son?
"The most common way to handle this in the US is with a UTMA account. UTMA is the Uniform Transfers / Gifts to Minors Act (""UTMA"" or ""UGMA"") which is a standard model law that most states have passed for special kinds of accounts. Once you open an account, anyone can contribute. Usually parents and grandparents will contribute $13,000 or less per year to make it a tax free transfer, but you can transfer more. The account itself would just be a standard brokerage account of any sort, but the title of the account would include your son's name, the applicable law depending on your state, and the name of the custodian who would control the account until your son turned 18. When your son does turn 18, the money is his. Until then, the money is his, but you control how it's invested. I'm a huge fan of Vanguard for UTMA/UGMAs. You may prefer to diversify a bit away from one company by selling the GE shares and buying an index mutual fund so that your child's education is not jeopardized by a rogue trader bringing down General Electric sometime in the next decade..." A UTMA may or may not fit your situation. The main drawbacks to a UTMA account is that it will count against your child for financial aid (it counts as the child's asset). The second thing to consider is that taxes aren't deferred like in a 529 plan. The last problem of course is that when he turns 18 he gets control of the account and can spend the money on random junk (which may or may not be important to you). A 529 plan has a few advantages over a UTMA account. The grandparents can open the account with your son as the beneficiary and the money doesn't show up on financial aid for college (under current law which could change of course). Earnings grow tax free which will net you more total growth. You can also contribute substantially more without triggering the gift tax ~$60k. Also many states provide a state tax break for contributing to the state sponsored 529 plan. The account owner would be the grandparents so junior can't spend the money on teenage junk. The big downside to the 529 is the 10% penalty if the money isn't used for higher education. The flip side is that if the money is left for 20 years you will also have additional growth from the 20 years of tax free growth which may be a wash depending on your tax bracket and the tax rates in effect over those 20 years.
This is a letter by a mother two her loving twin daughter. At the age of 3 her father was died and in this letter her mother shows a book of letter in which her dad’s family, friends and co-worker share their stories about him. Now her twins are 16 year old, she tells about her stepfather who is as loveable as her father. This sounds like my dad in so many ways.    Rather than ask questions and listen to vagueness (or lies) from your dad, I suggest you ask to see financial, tax, and legal documentation.  Maybe speak to the accountant, lawyer, bank official - whomever - to see where checks were written, transfers, etc.  I'm really sorry you are in this situation, but there needs to be a major family meeting immediately.  Good Luck. My family members, particularly my aunt (his daughter), are telling me that when my grandpa dies they are taking my car. Bring this up with Grandpa.  If this is what he wants to have happen, then help him make it happen before you finish paying $12,000 on a car worth only $6,000.  Let the Aunt and other relatives deal with the remaining $12,000. If that isn't what he wants to have happen, then work out how you and he can legally make sure that what he wants to have happen actually happens. If the Aunt or others bring it up, make sure they understand that you still owe $12,000 on the car, and if they get the car they also get the loan.  If they refuse to pay the loan then make sure they know you will cooperate with the bank when they attempt to repossess the car - up to and including providing them with keys and location. This will hurt your credit, and you will be on the hook for the remaining portion of the loan, but you at least won't have to deal with all of it - they'll sell it at auction and your loan amount will fall a little. But the best course of action is to work with Grandpa, and make sure that he understands the family's threats, how that will affect you since you're on the loan, and what options you'd like to pursue. "&gt; The father-son team ultimately lost more than $140 million.  &gt; If the plea agreements are accepted by a judge, the two could face between two and five years in prison.  If I punched a man in the face with brass knuckles and robbed him, I would surely get more then 2-5 years.  These assholes scammed folks out of 140M+ and they get 2-5 years.  As my ole law professor said ""how much justice can you afford?""" There are 2 questions here; My father, an NRI, sold inherited land in India ... This transaction is taxable in India. As its inherited land, and assuming its Non-Agricultural, your Dad will have to pay tax on gains, 20% with Indexation and 10% without indexation. He wants to move the money to the USA, with minimum tax. How to go about it? Money can be moved to US, there is a limit on the amount that can be freely repatriated, the limit is more if the funds are being moved for investment, like property etc outside India. "Hmm... Well there are several ways to do that: Go to any bank (or at the very least major ones). They can assist you with buying and/or selling stocks/shares of any company on the financial market. They keep your shares safe at the bank and take care of them. The downside is that they will calculate fees for every single thing they do with your money or shares or whatever. Go to any Financial broker/trader that deals with the stock market. Open an account and tell them to buy shares from company ""X"" and keep them. Meaning they won't trade with them if this is what you want. Do the same as point 2, but on your own. Find a suitable broker with decent transaction fees, open an account, find the company's stock code and purchase the stocks via the platform the broker uses." "By issuing additional equity. In this case, the pie isn't ""fixed,"" it's getting bigger. Now, to avoid lawsuits and other potential issues (some of which may be unavoidable), the owner will likely need to subscribe for additional equity himself.  Example:  100 shares outstanding. 51 to owner, 49 to 2 others.  That 49 will have to equal 20%, as none of their shares are being sold (likely). This means total shares will need to be increased to 245.  Subtract 49 from that number: 196  Marcus gets half of that at a determined price. 98  Owner must increase his stake from 51 to 98 shares. To do so, he'll need to contribute additional cash for the same price Marcus gets in on. That could be expensive." On last nights episode of The Profit Marcus made an offer to the owner of a coffee company. The owner said up front he has 51% with the remaining 49% split between two early investors.  Marcus asked for 40%, said the owner will have 40% and the investors will be reduced to 20%.  Question is how can the owner agree to that deal and take equity away from the investors? It's not his percentage to sell.