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October 5th, 2023. The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA) are sometimes called the “granddaddies” of college savings accounts. Both allow parents to establish custodial accounts for a minor child, and a grandparent can then make gifts to the account. Because the account is in the name of the ...
The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA) are sometimes called the "granddaddies" of college savings accounts. Your valuable gifts also lower your tax liability.UGMA and UTMA Accounts...
Get your Guide. No and Yes. The UTMA account belongs to the child, so it should not be counted as an asset when the grandfather applies for Medicaid benefits. But since the account belongs to the grandchild, any deposit by the grandfather of his own money will be treated as a transfer of assets for purposes of Medicaid eligibility.
A Crummey Trust is a type of trust intended to benefit minors. The names for these trusts come from the first person to create this kind of trust in the late 1960s, D. Clifford Crummey. A Crummey Trust allows you to give a minor up to $18,000 a year (in 2024) without incurring a gift tax or reducing one’s lifetime gift tax exemption amount.
Elder Law Guides. Download our in-depth guides on elder law topics. While every state is different, Medicaid is likely to treat an interest-only loan as a gift. If the promissory note, however, calls for uniform payments and has a payment term that is shorter than your actuarial life expectancy, then it should not be penalized.
Gifting assets to your grandchildren isn't just a nice thing to do; it can reduce the size of your estate and the tax that will be due upon your death. Grandparents can give their grandchildren up to $16,000 a year (in 2022) without having to report the gifts. While you can make an outright gift, pay health care and school costs directly, or ...
Here are seven things you should know about living wills: 1. Rules for Living Wills Vary by State. Depending on the state you live in, this document may be referred to as an advance directive. State requirements for living wills vary, as do the procedures for creating and executing them. If you spend significant amounts of time in another state ...
At the end of 2025, the Tax Cuts and Jobs Act is slated to sunset unless Congress takes action. The sunsetting of the TCJA will have a significant impact on taxpayers. When the TCJA expires, the federal estate and gift tax exemptions will return to what they were in 2017 (around $5 million, with an adjustment for inflation).
In many cases, to transfer a guardianship, guardians must petition the state where the ward currently lives and the state to which the ward is moving. This process can be complex, as each jurisdiction has rules regulating guardianship. Inconsistencies between states can create challenges. For instance, one state court may find that an ...
2. Gift the House. When you give anyone other than your spouse property valued at more than $18,000 ($36,000 per couple) in any one year, you have to file a gift tax form. But you can gift a total of $13.61 million (in 2024) over your lifetime without incurring a gift tax.