How Does the IRS Know if I Make Gifts To My Grandchildren?

Federal and state tax authorities have no direct way of knowing how much is being gifted. The system relies on taxpayers self-reporting gifts.

How Do I Set Up a Living Trust?

Setting up a living trust is largely the same, regardless of where you live in the U.S.

Should I Create a Joint Account With My Elderly Dad?

I added my 79-year-old father as a co-owner of my checking account, to speed up a one-time cash transfer he was making to me. Would keeping him on the account be a problem? Doing paperwork at the bank is about as fun as going to motor vehicles. I don’t know what would happen, if he fell victim to a scam.

How Do I Find a Great Estate Planning Attorney?

Estate planning is a critical part of financial planning, but something many Americans procrastinate about. Drafting a will and a health care proxy or power of attorney, maybe creating a trust, and maximizing your loved ones’ inheritances by minimizing taxes are all important matters you don’t want to leave to chance.

Can 529 College Savings Plans Be Used Now in Estate Planning?

Thanks to changes in the 2017 tax law, 529 college-savings plans are being used as estate planning tools and to pay for more education-related expenses than ever before, according to InvestmentNews.

What Do I Tell My Children About Their Inheritances?

Parents' instincts to protect their children can cause them to hold back on some important truth-telling about the kind of inheritance they might expect, but that could be a big mistake.

How Does a Life Estate Work?

When you use a life estate, how does it work? What are the restrictions and who pays the property taxes and other expenses for the home?

What Do I Really Need to Know About Trusts?

It’s a well-documented fact that most people do no estate planning. Of those who do, the majority use a last will to pass their estate to a spouse or divide it among their children.