Many parents, grandparents or other family members wish to provide gifts to minor children, while retaining some control over the use of those funds. Perhaps dog-earing a monetary gift for educational or professional purposes, a family member desires to give a gift to a child, but is reluctant to do so without some formal designation or restriction on its use. Such giving raises some significant tax concerns. In order to qualify for an annual exclusion from gift tax, the gift must be of a “present interest,” and a standard transfer in trust would not qualify for such tax treatment. If not planned for properly, the donor could end up with an unexpected tax bill, presently or as part of their ultimate estate tax liability.