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Now, grandparents, or other family members and friends, can gift money to a student without hurting the student’s eligibility for financial aid. Maximizing the benefits of the 529
In 2009, each taxpayer enjoyed a $3,500,000 exemption from the generation-skipping tax. That meant that only aggregate gifts and bequests to grandchildren or younger beneficiaries (or generation-skipping trusts) in excess of $3,500,000 (potentially $7,000,000 for a married couple acting in concert) would be subject to the GST tax.
Typically, these laws obligate adult children (or depending on the state, other family members) to pay for their indigent parents’/relatives' food, clothing, shelter and medical needs. Should the children fail to provide adequately, they allow nursing homes and government agencies to bring legal action to recover the cost of caring for the ...
In 2012, according to the Annie E. Casey Foundation Kids Count Data Center, there were 2.7 million children or 4% of all children who are being raised by grandparents or other kinship care. [2] According to a 2003 U.S. Census Bureau report, 2.4 million grandparents had primary responsibility for their coresident grandchildren younger than 18. [3]
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A lineal or direct descendant, in legal usage, is a blood relative in the direct line of descent – the children, grandchildren, great-grandchildren, etc. of a person.In a legal procedure sense, lineal descent refers to the acquisition of estate by inheritance by parent from grandparent and by child from parent, whereas collateral descent refers to the acquisition of estate or real property ...
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