What is the Best Way to Leave Money to Children?
Providing for future generations shouldn’t be (overly) taxing. To manage taxes as you pass down your assets, look into UTMAs, 529s, child IRAs and trusts.
June 13, 2022
Trusts are Best for Gifting to Minors
In 2022, the annual exclusion for Federal Gift Taxes increased to $16,000 per person per year. Although there is near-universal acceptance of the importance of gifting, there are several issues you should consider before making any gifts.
April 6, 2022
Using HEMS language in a Trust
The ‘HEMS’ (health, education, maintenance, support) standard in estate planning is used to guide trustees in how/when they should release funds to a beneficiary.
February 8, 2022
A lot of Flexibility in 529 Education Plans
Most of us associate 529 accounts as college savings vehicles. They’re flexible, allowing you to transfer assets to anyone, including yourself, for the express purpose of furthering the education of your beneficiary. However, did you know that a 529 can also be a powerful estate planning tool?
November 3, 2021
Many Benefits of 529 Plans
Only about 35% of Americans have heard of 529 plans, according to the College Savings Plans Network. Of those, a mere one in four connect the plans with higher education savings.
September 22, 2021
More Pluses than Minuses in 529 Plans
College savings accounts, known as the 529 Plan, can be confusing. Parents know that they have tax incentives. However, what exactly are those benefits? Which investment options make the most sense? Which costs are covered, and which aren’t? Many parents don’t care if they have so many questions. Here are answers to frequently asked questions about the 529 plan to help get rid of some of the fog.
July 21, 2021
529s are Flexible Estate Planning Tools
People tend to think of ‘529’ education-savings plans as an excellent way to save and invest tax-free for college or schooling costs, and they are.
June 21, 2021