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Topic: Children's savings accounts  (Read 2333 times)

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Re: Children's savings accounts
« Reply #15 on: March 17, 2006, 11:09:42 AM »
Sorry to be a pain but are both children ALSO US citizens or entitled to be US citizens by virtue of parentage?  Is so you'll still need to dwell on US tax implications...
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Re: Children's savings accounts
« Reply #16 on: March 17, 2006, 11:11:31 AM »
Quote from: guya on March 17, 2006, 11:09:42 AM
Sorry to be a pain but are both children ALSO US citizens or entitled to be US citizens by virtue of parentage?  Is so you'll still need to dwell on US tax implications...
Nope, they're not US citizens, and they don't qualify for US citizenship.  Not being a pain at all!   :)
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Re: Children's savings accounts
« Reply #17 on: March 17, 2006, 11:15:46 AM »
Guya do you know if the government initiated Child Trust Funds would fall within this? ... if so could have implications for al ot of people ...
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Re: Children's savings accounts
« Reply #18 on: March 17, 2006, 08:16:47 PM »
CTFs are taxable at some point in the US - they may (or may not) be reportable annually under the foreign trust rules in the US.  I would ask your accountant for her/his view. ???
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