Students may not use a 529 college savings plan to pay for college test prep, including SAT prep. 529 plan distributions used to pay for SAT prep are considered non-qualified and subject to income tax and a 10% penalty on the... Continue Reading
Including a plan for incapacitation or inability to care for oneself when drafting an estate plan is a common and wise measure. There are several types of documents that are used for this purpose. A financial power of attorney,... Continue Reading
A trust, like a will, is an instrument used to distribute a person’s property according to their wishes. A trust works by transferring property into the care and management of a trustee, who can be either a person or an... Continue Reading
A will is a document that gives clear instructions to a personal representative, or executor, about how to distribute assets when a person dies. A will is created during life but takes effect upon the death of the... Continue Reading
If you just gift it during your lifetime, you face potential tax problems. You are allowed to give up to a total of $15,000 in cash and/or other assets, per person per year without having to report the gift for federal... Continue Reading