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With the grandparents as the owner rather than the parent, the student may have a better chance of receiving financial aid.
What will happen to all the money I have saved for her college expenses now that she doesn’t need it?
The process of correcting cost basis problems, although time consuming, is worthwhile.
Instead of having to nag your spouse to sign paperwork or login online to accomplish these tasks, you can manage all of your family’s finances by setting up a power of attorney.
A reader asks, “As her descendant and agent following the rules as written, it is my understanding that I could gift myself $14,000 each year. But can I really?”
These “strange but true” returns occur more frequently than you might expect.
Each spouse has different spending habits and values different things in life. This can easily lead to bitterness, or at the least, long discussions when the budget is reconciled.
The legal answer to this question is: there is no limit. The practical answer is: it depends on a number of things.
Under the “last-month rule,” you can contribute the full amount even after a partial year assuming you meet the “testing period.”
If you own some mutual funds, chances are you are paying a hefty marketing price.
Prudent investment practice is as much about knowing what not to do as it is about knowing what to do.
This style of Power of Attorney certainly gets the job done, but there are a few ways that the cookie-cutter POA most frequently fails to meet people’s wishes.