Affluent Savvy
Affluent Savvy
Photo: Elina Fairytale
Custodial accounts and trusts are ways to transfer cash to your kids. If you have the wherewithal to start your children off with a bang, you can give as much as $14,000 a year to each child (indeed, to as many individuals as you want) without any tax consequences to you.
Among these three approaches, quantity velocity approach and cash balances approach are grouped under quantity theories of money. On the other...
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There are no rules which state how much cash you can have within your property, however there are some very good reasons why holding large amounts...
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
Learn More »If you have the wherewithal to start your children off with a bang, you can give as much as $14,000 a year to each child (indeed, to as many individuals as you want) without any tax consequences to you. So you and your spouse can give a total of $28,000 annually to your children, grandchildren, stepchildren or anyone else. (If you exceed the annual limit, you'll need to file a federal gift tax return but it's highly unlikely you'll actually have to pay any tax on the gift.) A good vehicle for such a gift to a child is a custodial account opened under the Uniform Transfer to Minors Act (UTMA) or the Uniform Gifts to Minors Act (UGMA). Subscribe to Kiplinger’s Personal Finance Be a smarter, better informed investor. Save up to 74% Sign up for Kiplinger’s Free E-Newsletters Profit and prosper with the best of Kiplinger’s expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of Kiplinger’s expert advice - straight to your e-mail. Sign up To open one of these accounts, simply tell a bank, brokerage or mutual fund company that you want to do it. You'll get a standard form to fill out. An adult must be appointed to act as the custodian of the account -- this could be you, your spouse, or a trusted friend or relative.
The good news is, if you're 40 and haven't started investing or saving for retirement, you still have time to create a secure retired life for...
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Net worth is a fancy way to say 'what you own minus what you owe. ' If that amount ends up being $1,000,000+, you're a net-worth millionaire." Nov...
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
Learn More »A irrevocable trust allows you transfer the ownership of property perhaps creating income and estate tax advantages -- but maintain control in the meantime. You choose the trustee and specify what happens to the money placed in the trust. Unlike in custodial accounts, money held in trust needn't be transferred to the beneficiary at any specific age. You can choose to turn over all of it when your child reaches 21 or spread out payments over the child's adult life. For any account you open for your child, use the child's social security number as the tax identification number. This will ensure that the interest will be taxed to the child. To prevent parents from giving assets to children to reduce their own tax bill, Congress created a set of rules known as the "kiddie tax." Here's how it works: The first $1,050 of investment income (interest and dividends, for example) is tax-free to children. The next $1,050 is taxed at the child's rate -- presumably 10%, which is the lowest tax bracket. Investment income over $2,100 earned by a child is taxed at the parents' presumably higher rate (as high as 39.6% in 2015). When the kiddie tax was created, it disappeared when a child turned age 14. But over the years, Congress has ratcheted the age upward. Now, the kiddie tax also applies to children who are under age 19 and to full-time students under age 24 (unless they earn enough from a job to cover more than half of the cost of their support).
The swallowing up of Pharaoh's magicians' serpents by Aaron's serpent is an allusion to Pharaoh's dreams, as described in Genesis 41. When Aaron...
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Savings Accounts. High-Yield Savings Accounts. Certificates of Deposit (CDs) Money Market Funds. Money Market Deposit Accounts. Treasury Bills and...
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
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22 Ways To Wake Up And Have a Positive Day Try to remember your dreams. ... Consider what makes you happy. ... Give gratitude. ... Relax your body....
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The simple yet scientifically proven Wealth DNA method laid out in the report allows you to effortlessly start attracting the wealth and abundance you deserve.
Learn More »
Sister Agatha: The World's Oldest Serial Killer by Domhnall O'Donoghue - Book Tour. Sister Agatha is 118 years of age, whose vim and vigour would...
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