SecondCor521
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Hi all.
I usually give my kids money at Christmas. This year, I'm going to offer them money or mutual fund shares; the latter is more tax efficient and my kids are extraordinarily practical about gifts.
If I give them shares, it'll apparently be a DTC transfer from my Vanguard taxable to their Schwab taxable accounts. I already have the Schwab DTC number. I know I'll need to get their Schwab account numbers.
Questions:
1. How long do DTC transfers take?
2. If somehow we mess up the account numbers, what happens? Do the shares bounce back to me, or go into some random person's account? If they go to the wrong account, do I have recourse?
Any other advice / input / knowledge is appreciated.
I usually give my kids money at Christmas. This year, I'm going to offer them money or mutual fund shares; the latter is more tax efficient and my kids are extraordinarily practical about gifts.
If I give them shares, it'll apparently be a DTC transfer from my Vanguard taxable to their Schwab taxable accounts. I already have the Schwab DTC number. I know I'll need to get their Schwab account numbers.
Questions:
1. How long do DTC transfers take?
2. If somehow we mess up the account numbers, what happens? Do the shares bounce back to me, or go into some random person's account? If they go to the wrong account, do I have recourse?
Any other advice / input / knowledge is appreciated.