Grandparents who took out student loans to help children or grandchildren – or adults who borrowed to pay for education after being displaced during the recession are now faced with the possibility of dying with the loans still unpaid. Some loans will be discharged on death; for others, life insurance can fund the repayments.
Clients can make five years’ worth of gifts to a 529 education plan for a child or grandchild, claiming a federal gift tax exclusion for the full amount. There are at least four reasons clients might want to do this:
As the calendar year draws to a cose, it’s time to coordinate your tax and estate planning.
The time is fast approaching when many young adults leave the nest and head for college. But, just as the famous American Express commercial cautions consumers not to “leave home without it”, referring to a credit card, at Geyer Law we caution students not to leave...