Estate Planning for Financially Savvy Parents and Grandparents
College costs are escalating rapidly.
The parent or grandparent of a 3-year-old can expect that child's 4-year college education at a state school such as Florida State University to cost nearly $100,000 assuming only a 5% tuition inflation rate. Costs at an Ivy League university such as Yale are predicted to be nearly $350,000."Parents and grandparents have a variety of options in addition to the well publicized 529 plans that can fund a child's education," states Marc H. List, J.D., CPA, a shareholder at Goldstein Lewin & Co., Certified Public Accountants and Consultants.
"Depending upon the option selected, the funds placed in a particular account may provide tax-free accumulation.
In the case of certain properly structured insurance contracts, money may be borrowed for a variety of uses and the eventual death benefit collected with no tax effects.
One or more of these options can be used as an integral component of estate planning."An explanation of these and other estate planning techniques appear in Mr. List's article, "Inventing Tomorrow ? Estate Planning for the Financially Savvy Parent and Grandparent" that appears on the website www.matureresources.org.
MatureResources.org is a national monthly Internet magazine featuring news and feature articles for baby boomers through seniors.
Each month, expert writers cover a wide range of subjects including: financial planning, health and wellness, Senior Focus, and home and leisure.
For more information, visit the website www.matureresources.org
or contact Sharon Cutler, Certified Senior Advisor at (561) 375-8603.Goldstein Lewin is listed in "Florida Trend" as one of the 25 largest accounting firms in the state of Florida.
It offers a comprehensive range of accounting and business consulting services including corporate governance issues, cost segregation studies, eldercare management, accounting and auditing including SEC compliance; tax services; technology consulting; wealth preservation and estate planning; business valuation; financial planning, employee benefits programs and litigation consulting..
7 Wonders of the Offshore World
Many people assume that the offshore world is accessible only to the super rich looking to increase their wealth, or to large multi national corporations looking to escape taxation. But the truth of the matter is that the offshore world is accessible to everyone!Placing money or assets offshore is a legal and often worthwhile undertaking and it is something that anyone living in, for example, the UK, Europe, Canada, Australia or America can do easily and with potentially great effect.Before I continue it is imperative to point out that the suitability of entering the offshore world for saving, banking, asset protection or any other reason can only be determined on a case by case basis. While ?going offshore' might be the most effective way for one person to operate, it might be totally unsuitable for the next person because of their personal circumstances. It is essential that anyone considering going offshore seeks the advice of a professional financial adviser. This article does not...
7 Wonders of the Offshore World
Tax help > 7 Wonders of the Offshore World
Last-Minute Tax Help
Even if in most cases people don't want to hear about the word "taxes" until March, preparing early and staying organized will give you no headaches later. But, for most of the people, the deadline is the best and the only motivation for getting tax return done and they need a last-minute tax help.
Almost everyone knows that giving to charity provides you a generous tax relief in exchange, but many people don't have the patience to estimate correctly the value of the donated objects. There are
computer programmes that provide you tax help, making easier your situation.
Installation of these programmes that offer you tax help requires just some restarts of our computer. This kind of programmes are very useful because they help you save time by taking you through a simple process.They provide you tax help and all you have to do is enter some personal details, information about employment, pensions, incomes from other sources, eventual details...
Tax help > Last-Minute Tax Help
Tax Information for Small Businesses
(ARA) - The IRS publishes a lot of tax information to help small business owners and there are many ways to get it. You can always visit an IRS office to pick up copies of IRS forms and publications, although the IRS continues to make it easier for you to get these materials without leaving your office or maybe even your home.The IRS will send you forms and publications free of charge when you call them at 1-800-829-3676 with your request. Normally, you will receive the materials within 10 days, although there is another way to get tax materials right away.If you have access to a personal computer, you can browse and download IRS forms and publications from the IRS Web site at www.irs.gov.You also can get interactive help with your taxes while you're on line. For the latest information on business-related tax topics, click on the "Tax Info for Business" section. You'll find links to other Internet sites that may be helpful for your type of business.Tax Fax is another way to get business...
Tax Information for Small Businesses
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Government Performance Project Releases States Grades: Alabama Earns C-; Services Suffer as Voters Reject Tax Hikes
The Government Performance Project's (GPP) "Grading the States 2005," gave Alabama a C-, matching California for the lowest grade in the country. These conclusions are based on the research released today by The Government Performance Project, the nation's only comprehensive, independent analysis of how well each state government is managed.
States are assessed on a scale of A-F for their management in the categories: Money, People, Infrastructure and Information. Alabama can be compared to the country's other 49 states at http://results.gpponline.org/Alabama and in the February issue of Governing magazine. The project is funded by The Pew Charitable Trusts.
According to Project Director Susan Tompkins, the quality of management performance by state governments is often critical to the success of a state's programs and policies. "The last few years have seen the biggest financial crisis for state governments...
Government Performance Project Releases States Grades: Alabama Earns C-; Services Suffer as Voters Reject Tax Hikes
Tax help > Government Performance Project Releases States Grades: Alabama Earns C-; Services Suffer as Voters Reject Tax Hikes
Get Rich Slowly
Is it hard to get rich? If you're young, not really.Its fun to play with financial calculators and see what might happen.If you have just graduated from college and are about 22 years old and if you put $100 a month in an IRA that grows at 10% a year, you will have around $865,000 at age 65. 10% a year is about what you should expect if the money was placed in a no-load S&P 500 Index Fund.So for about $23 a week or $3.30 a day you will be close to being a millionaire.If you contribute the full $4000 a year allowed right now (rising to $5000 in 2008), you would have$2,600,000. For about $11.00 a day, you would have a small fortune.If you didn't want to take a chance with the stock market (after all, it goes down sometimes), you would still have over $600,000 if you could get a 5% return.If your grandmother leaves you $10,000 in her will and you invest it for the same 43 years at 10% without adding another cent, you'd still have over $600,000 if you placed it in a tax sheltered account.Time...
Get Rich Slowly
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