We are getting ready to draft a trust. We have one son, so he will be the trustee. What is the best way to make sure he fo...Read more
Gifting assets to your grandchildren can do more than help your descendants get a good start in life; it can also reduce the size of your estate and the tax that will be due upon your death.
Perhaps the simplest approach to gifting is to give the grandchild an outright gift. You may give each grandchild up to $14,000 a year (in 2014) without having to report the gifts. The problem with an outright gift is that you have no way of making sure the money is spent the way you would want it spent.
Local Elder Law Attorneys in Ashburn, VA
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...
Attorney Samantha Simmons Fredieu is an associate at Hale Ball. Ms. Fredieu graduated magna cum laude from Vermont Law School where she was the symposium editor on the Vermont Law Review, a production editor on the Vermont Journal of Environmental Law, and a member of the Moot Court Advisory Board. She has clerked for...
The following are some other ways you can give to grandchildren:
For details on these gift vehicles, click here.
Medicaid Rules, etc