individually with this extension deadline looming.
Lois Gratton
--- In taxchat@yahoogroups.com, "John Stevens, Equi-Tax" <equitax@...>
wrote:
>
> Yes, you're correct Lois. It can be a good estate planning move to
transfer
> money to others if the estate is above the amount excluded for
estate taxes.
> Also it's a way to transfer income producing property to others in
lower tax
> brackets. You can gift up to 12K (24K for joint gifts) to as many
persons
> as you want with no gift tax consequences.
>
>
>
> If the parents' income it too high to enable their child to qualify for
> college financial aid, gifting the money is probably a good idea, but if
> their income is not so high as to disqualify their child from receiving
> financial aid, then it maybe isn't such a good idea. There's also the
> possibility that the parents could establish a Sec 529 plan to start a
> college fund.
>
> John Stevens, EA
> Stevens Tax & Accounting, Inc., dba Equi-Tax
> 1870 - 50th St. E., Suite 8
> Inver Grove Heights, MN 55077
> 651-773-5000
> FAX 651-457-4529
> equitax@...
> www.equitax.net
------------------------------------
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