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GIFT OF MUTUAL FUNDS This form cannot be used to transfer mutual funds. Please give this original form to your broker and copy to WCC. Donor Information Donor Name(s): Street Address: City: State:

How to fill out gift of mutual funds

How to fill out a gift of mutual funds:

1. Determine the mutual fund: Research and choose the specific mutual fund that you would like to gift. Consider factors such as the fund's performance, risk level, and investment objectives.
2. Contact the mutual fund company: Reach out to the mutual fund company to inquire about their specific process for gifting shares. They will provide you with the necessary forms and instructions.
3. Provide the recipient's information: Fill out the required forms, providing the recipient's name, social security number, and any other requested details. This ensures the shares are properly transferred to the intended person.
4. Choose the gift amount or number of shares: Indicate the desired gift amount or the number of shares you wish to transfer. Some mutual fund companies may have minimum or maximum gift requirements.
5. Specify the gift type: Decide whether you want to make an outright gift or establish a gift trust. Outright gifts transfer ownership immediately, while gift trusts allow for more control over the funds and potential tax advantages.
6. Consider tax implications: Consult with a tax advisor to understand the potential tax consequences of gifting mutual funds. Depending on the value of the gift and the recipient's personal circumstances, there may be tax implications to consider.

Who needs gift of mutual funds:

1. Individuals seeking to financially assist loved ones: A gift of mutual funds can be a thoughtful and practical way to help friends or family members achieve their financial goals, such as saving for education, retirement, or purchasing a home.
2. Individuals interested in investment diversification: Mutual funds provide an opportunity to diversify investments across various asset classes, sectors, and geographic regions. For those looking to expand their investment portfolio, gifting mutual funds can be a way to introduce diversification.
3. Individuals interested in long-term financial growth: Mutual funds have the potential for long-term capital appreciation. By gifting mutual funds, individuals can help others build their wealth over time and potentially benefit from compounding returns.
4. Individuals seeking to teach financial responsibility: Gifting mutual funds can be an educational tool to teach financial responsibility to younger individuals or those new to investing. It can help them learn about investment strategies, monitor their funds' performance, and develop a long-term savings mindset.

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What is gift of mutual funds?

A gift of mutual funds is a transfer of ownership of mutual fund shares from one person to another as a gift.

Who is required to file gift of mutual funds?

The recipient of the mutual fund gift is required to file a gift tax return if the value of the gift exceeds the annual exclusion amount set by the IRS.

How to fill out gift of mutual funds?

To fill out a gift of mutual funds, one must report the details of the gift, including the value of the mutual funds transferred and any relevant information about the giver and recipient.

What is the purpose of gift of mutual funds?

The purpose of a gift of mutual funds is to transfer ownership of mutual fund shares as a gift without incurring a taxable event for the giver.

What information must be reported on gift of mutual funds?

The information that must be reported on a gift of mutual funds includes the value of the mutual funds at the time of the gift, the date of the gift, and the relevant personal information of the giver and recipient.