UGMA accounts can be opened through a bank orbrokerageinstitution. Friends and family can make contributions to the accounts, which carry no contribution orincomelimits. Contributions are made with after-tax dollars, which means donors don't receive an income tax deduction. Deposits are irrevocable....
As per the previous taxation laws, the gifts given to NRIs in the U.S. were considered to arise in a foreign territory and hence were not taxable which exempted the Indians abroad from paying any gift tax. So, as per the latest tax reform, if you are a Non-Resident Indian living in...
Scraping enough funds together through babysitting was not easy with so many family members. When I was about 14, I was astonished by how long it took to earn enough to purchase even simple token items for everyone. How did my parents do it, with seven kids to please? T...
There are many reasons a person would want to guide how assets are distributed to future generations. Perhaps a family member is irresponsible with money or has substance abuse problems. Sometimes parents want to provide for a child or their grandchildren despite distaste for the child’s spouse ...