Question about assets in student's name .................

twoinanddone
Sun, 31 Jan 2016 22:16:32 +0000

The children can deed it to the parents, and since the children are minors, the parents would sign the deed. Children who own property do such things all the time, often without even knowing they did it because they have adults making the transactions. Parents have a lot of power to decide what to do with the property of their children. In a few states, if the child earned the money, there are statutes that regulate how much must be put in trust (Jackie Cooper laws) but in most the parents have total control of unearned income, and of a lot of the earned income too. This property is not in a trust.

It’s likely the parents have been paying the taxes on this property with the parents’ money.