Is Money Contributed to a 529 College Savings Plan Subject to the Gift Tax?
When we contribute money to a 529 College Savings plan for a friend or relative, we are giving them a gift. According to the current tax laws, we can give ...
Annual Gifts: Use it or Lose it
An individual can give up to $13,000.00 a year in cash or assets tax free to as many people as he chooses under the current gift tax laws. The annual ...
Who Needs a Trust?
Trusts are not only for people who own businesses, or significant real property and complicated stock portfolios. Trusts have many uses and can be a smart estate planning tool for ...
Charitable Donation Tax Benefits
Making donations to recognized charities can be a smart way to save on taxes while also providing funding to your favorite nonprofit organization. In order to take full advantage of ...
It’s Not too Late to Make Charitable Donations this Year
December is a popular time for charities to make a year-end push for charitable donations to their organizations. December is typically considered a time when people feel more generous to ...
The Hidden Danger in Joint Bank Accounts
A woman in New Jersey had her bank account frozen because her daughter filed for bankruptcy. How can this happen? The woman had a joint account with her husband and ...
Saving for College
If you have minor children of any age, you need to think about a plan for paying for college. Colleges vary greatly on tuition and fees. Undergraduate students at four ...
Lower Tax Consequences in 2011 and 2012
Estimating your income for 2011 and as much as possible for 2012 can help you plan a strategy to minimize tax consequences for both years. If your income will likely ...
Do you Want to Leave Your Estate to Your Ex-Spouse?
An estate plan should be updated following a divorce. Some of the most common things which need to be updated are: Remove gifts under a will made to a former ...
What is a Holographic Will?
A holographic will is a will written by the testator in his own handwriting. A holographic will is not usually witnessed and is often written in cases of emergency or ...