Legal Question in Tax Law in Illinois

Thank you for your question. You could do this in two ways; (a) by setting up a trust account; or (b) setting up what is known as a UTMA (Uniform Transfer to Minors Account). There is no real tax implication of doing this. However, I will note that if you are transfer your assets to protect them from creditors or the like, the transfer could be deemed void and unwound. Please let me know if you have any further questions. My email address is: [email protected]