Q. I was thinking about naming my minor grandchildren as beneficiaries of my IRA, to inherit in the event of my demise. But I heard something about the “Kiddie Tax” that might apply here. Can you share any thoughts about this? A. Yes, the so-called “Kiddie Tax” is essentially a special tax that was adopted… Read More »
Posts Categorized: Grandchildren
Gifts to Grandchildren: The 529 Plan
Q. My wife and I are considering annual gifts to our grandchildren to help with their future college expenses. Do you have any suggestions as to the best way to do this? A. Yes. One of the best options is to make annual gifts into a 529 Education Savings Plan, so named for Section 529… Read More »
Tax Savvy Year-End Gifts
Q. My wife and I are considering making large gifts to our two children and four grandchildren, and we would like to do so in a way that is “tax wise”. Do you have any advice for us? A. Yes. Many people mistakenly believe that you cannot gift more than $14,000 per year without… Read More »
Novel Gift Idea For The Graduate
Q. Our grandson is graduating college and we would like to get him a gift which recognizes the beginning of his adult life and career. We thought of something of a “legal” nature and wondered if you have any ideas? A. Great thought and indeed I do. Why not arrange through your attorney to provide… Read More »