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Grandparents also waste money when they keep the child's parents in the dark about certain gifts, says Bonebright. "A surprise vacation to Disneyland, for example, should only come as a surprise ...
For example, IRS rules on gifting money to family in 2024 stipulate that you can gift up to $18,000 to any one person over the course of the year without having to report the gift to the IRS.
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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
The U.S. generation-skipping transfer tax (a.k.a. "GST tax") imposes a tax on both outright gifts and transfers in trust to or for the benefit of unrelated persons who are more than 37.5 years younger than the donor or to related persons more than one generation younger than the donor, such as grandchildren. [1]
However, like cash, gift cards given by a friend or family member generally fall under the gift tax exemption, so unless you give more than $18,000 worth of gift cards per person in 2024, it won ...
Grandparents who may be retired, living on Social Security, or struggling financially may still want to treat their grandchildren for the holiday season.It can be challenging to find Christmas ...
Grandparents often want to contribute to their grandchildren's futures in the form of money toward college savings, such as contributing to a 529 plan (an education investment account allows for...
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