What advice can you give me about managing a child's inheritance and the taxes that will be charged?

I am in the process of setting up my child's inheritance and what tax implications it will have.

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You should get a lawyer to help you with the papers. There are ways of avoiding having to pay a lot of taxes on them. Your lawyer will go through all of these ways with you at your meeting. Set up a small savings account and put money in it for your child. Don't let them have it now.

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Reply by Ionoone (112):
I would setup the small account for thier access also, Teach them young how to manage thier finances. add a comment

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Answer by John (9008)

You absolutely need to talk to an attorney in order to do this. The rules can vary by state, but you probably will need to set up a trust.

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