This strategy is often used for estate planning purposes, helping reduce taxpayers’ taxable estate while supporting their family member’s education. Because of its benefits, grandparents sometimes use this 5-year gift-tax averaging as an estate planning strategy. Lifetime Gift Tax Exemption Amount ...
Consequently, your application will fare much better in most cases if any collegesavings accountsare in a parent’s name. So if you set up aUniform Gift to Minors Act(UGMA) account for your child to avoidgift taxes, you could be hurting your chances of need-based aid. You’re often bet...