If you’re planning to make significant charitable donations in the coming year, you may want to think about utilizing a Donor-Advised Fund. These accounts allow you to take a charitable income tax deduction immediately, while deferring decisions about how much to give and to whom, until a later date. Key Characteristics of a Donor-Advised Fund […]
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While your natural instinct may be to want to help a family member in need of financial assistance by offering an intrafamily loan, it’s important for you to be aware of the potential pitfalls of offering this type of help before you move ahead. If improperly executed, intrafamily loans could mean costly negative tax consequences […]
If you have several bank, investment, and other financial accounts in your name, you might consider consolidating some of them to make things easier. Having multiple accounts requires you to spend more time tracking and reconciling financial activities and can make it harder to keep a handle on how much you have and whether your […]
It’s easy when living a busy lifestyle to let some important things slide. While we may know we need to get to them, we take for granted that we’ll have the luxury of time so we can afford to wait until tomorrow, the next day, or whenever. Since you never know when the worst could happen, […]
Parents and grandparents who are considering helping their adult children buy a home might also consider the economic and tax-advantaged considerations that make right now a good time to move ahead with the plan. Some residential real estate markets are “hot” with homes selling for more than asking price. In other markets, the prices are recovering, […]
Generally speaking, the division of property, including cash, between couples going through divorce has no immediate federal income or gift tax consequences. Such transfers are considered tax-free gifts between the spouses. However, the tax-free transfer rule doesn’t apply to balances in an IRA transfer. If an IRA owner withdraws funds from his or her IRA […]