The $279,000 Mustang
- Thread starter eagle488
- Start date
It's been a while, but as I think about it still more it has come to me the definition of Beneficial Ownership includes:
Spouse
Children
Blood relatives, 1st cousin and closer IF domiciled in the same residence... that could include grandparents, brothers/sisters and their children. I believe this provision addresses the possible gifting of securities in exchange for discharge of certain financial obligations and/or costs of living.
Yes, But does that apply to the UGMA or just plain vanilla accounts? Once the UGMA has taken custody of the issues the childs owns them. As well as any financial obligation, taxes , cap gains. etc. In this case we are not talking scurting insider trading rules or the like. The issues were owned before the agency the person worked for deemed them restricted. A nice filthy NY lawyer would have your ass covered on this. Whatever...moot anyhow.
Excellent post.
You just touched on one of my pet peeves with the educational system nowadays. Kids are expected to follow cookie-cutter thinking and are penalized for visualizing outside the box. It's this creativity that fuels advances in technology, arts, scientific discoveries, and yes, even trading as well.
I do have to say that Dodgeball does have it's merits
Not true. UGMA accounts are registered as "_______[custodian/owner], FBO_____[minor]". The minor MUST be given control of the assets at the age of majority determined by state law, but minor doesn't own them until then.
The custodian, if parent, is prohibited from using the UGMA assets for discharging "parental obligations"... like clothes, shelter, medical expenses, etc. (college expenses were always a contention), but didn't prohibit the custodian/parent from buying the kid a car.... therefore, beneficial ownership attributed to parent.
The Barret Jackson auction the other night, had a 2007 Ford Mustang Shelby GT Fastback go for $600,000. The proceeds were to go to charity and Carroll Shelby was standing there beaming after the final bid.
Muscle cars from the 60's early 70's are going most times well over $100,000.
As a side note:
I love cars, but I actually have a hard time watching Barret Jackson, which shows that there so many people with an exuberant amount of wealth.
When for instance, there are so many children around the world not going to be educated because their parents can't afford the $5.00 a month cost.
Not to mention, dying because their water is impure or food is far too scarce.
-kt
Muscle cars from the 60's early 70's are going most times well over $100,000.
As a side note:
I love cars, but I actually have a hard time watching Barret Jackson, which shows that there so many people with an exuberant amount of wealth.
When for instance, there are so many children around the world not going to be educated because their parents can't afford the $5.00 a month cost.
Not to mention, dying because their water is impure or food is far too scarce.
-kt
