While gifting now can create transfer tax savings for a taxpayer’s family, take care that these benefits don’t come at the expense of meeting other financial goals, both now and in the future. For example, making large gifts to family members now may impair th...
Parents are worried that it may provide negative impact on their children's motivation to achieve or create a sense of entitlement on children. Family members should first discuss the potential issues that might occur before large gifts are made.Rivers...
Cashor acash equivalentthat an individual transfers to another individual while neither receiving nor expecting anything in return. As with all gifts, a money gift istaxablein the United States, but only if itsvalueexceeds $13,000 (in 2009) and is not specifically excluded. For example, gifts...
A UGMA can affect a donor’s lifetime gifting limits for tax purposes. Should a donor who acts as the custodian die before the custodial property is transferred to the minor, the entire custodial property is included in the donor'staxable estate. Fast Fact Up to $18,000 per individual can...
residing in the U.S., and receive a gift from your siblings or their spouses living in India, then you can claim exemption from paying the gift tax. But the same is not applicable in case you receive such gifts from your friends, acquaintances, or other family members residing in India....
if family relationships are strained, and the deceased spouse’s assets passing to the surviving spouse are limited, this scenario can lead to a grantor being left with few resources and no safety net. This is why the types of assets placed in a SLAT need to be carefully considered. Are ...
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...