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The Basics -- 5 cardinal rules of college gift-giving - MSN Money MSN Home My MSN Hotmail Shopping Money People & Chat Sign In W eb Search: Money S earch MSN Money: Help Home News Banking Investing Planning Taxes My Money Portfolio Loans Insurance Planning Home Retirement Savings Insurance Family/College College Tools Scholarship Search College Search Resources Decision Centers Commentary Index More Tools Related Links Message Boards Print-friendly version Send this to a friend Save for College Go to Step by Step A R T I C L E S Understanding the true cost of college Strategies to meet your college savings goal How to set up your child's college fund Small investments that yield big education dollars 5 cardinal rules of college gift-giving The best way to save for college An investment plan tied to yourchild's age Tax-savvy ways to fund college education Advertisement The Basics 5 cardinal rules of college gift-giving There are many ways, such as gifts and trusts, to help your family financially. But you should know the rules to protect yourself and your loved ones. By Adriane G. Berg Rule No. 1: Decide if you really want to make a gift There are consequences associated with gift giving, so think about what youre trying to accomplish. Dont transfer ownership and control over money without intending to do so. Once a name is changed on a deed, bank account or security, you have relinquished ownership of that asset. Even if you have placed the assets in a joint account, a creditor, spouse or other person named in the account can seize all of the money. Be careful. If you need help in handling money use a power of attorney, don't make a gift. Dont use custodial accounts if you think you'll need the money. The most frequently used form of gifts to grandchildren is the Uniform Gifts to Minors Account, the UGMA, or the similar Uniform Transfers to Minors Account, or UTMA. Although the assets are held in custody until the child reaches adulthood, the money belongs to the child. You cant take it back and the child gets the money at ages 18 or 21, depending on the child's state of residence. Make sure the gift is complete. For example, a deed with two names "in common" sets up only a half ownership. If one person dies, the other person does not necessarily inherit the remainder. Placing a grandchild's name on a deed beside your own does not guarantee that the child inherits the house. The child gets half ownership; the rest is distributed according to the law of intestacy for that individual state. Rule No. 2: Know how to title the gift The title on a bank account, stock, bond or deed creates wide differences in legal rights. A joint account transfers funds completely. Creditors, spouses and gift recipients can get all of it. Accounts that are Payable on Death (POD), and In Trust for Accounts (Totten Trusts) are not gifts. They are revocable transfers that pass without probate upon the death of the donor. Custodial accounts, such as UGMAs and UTMAs, transfer property irrevocably and with no strings attached. The custodian manages the account, and funds can be added to it. All of these types of accounts are considered the child's when it comes to determining eligibility for college aid, except POD and Totten Trusts. A true trust sets up a legal structure that the Internal Revenue Service taxes separately from yours or the recipients income. When a person receives funds from the trust, that person then pays the taxes on those funds. Trusts offer a great deal of flexibility. You can put restrictions on gifts held in trust. For example, there can be investment limitations or you can say the funds can be used to pay only for a grandchilds college, or that the funds can only be distributed after he or she reaches a certain age or once theyre married. Rule No. 3: Understand the tax consequences of a gift A child under the age of 14 is taxed on investment gains at his or her parents' highest marginal tax bracket. The so-called "kiddie tax is imposed to discourage transfers as a way to lower your tax bill. However, children under 14 get an exemption from taxation of investment gains of up to $1,400 a year. The bottom line: If income tax savings is your goal, transfer just enough to generate no more than $1,400 in returns each year. When the child reaches the age of 14, transfer more, unless the gift disqualifies the child for college aid. The donor is taxed for gifts. Be sure you follow the rules to get a gift tax exemption: You can transfer up to $11,000 per person each year without the recipient paying a tax or even reporting it on a tax return. Married couples can transfer up to $22,000 per beneficiary gift tax-free. If college is upon you, you can give an unlimited amount of money and pay no taxes if the gift is earmarked directly for tuition or other college fees (although not room and board). You can also pay the medical expenses of a beneficiary in unlimited amounts, if payments are made directly to the medical institution. If you must pay a gift tax, file on the April 15th after the year the gift was given. Gifts over the $11,000 to $22,000 rule are subject to a gift tax based on their fair market value at the time the gift was made. The usual procedure is to file a gift tax return and use all or a portion of the lifetime $1 million exclusion that we each get for gifts and inheritance. (The exclusion bumps up to $1.5 million in 2004, $2 million in 2006 and $3.5 million in 2009. In 2010, the gift and estate tax are to be repealed. The Republican-controlled Congress may try to accelerate these changes.) Rule No. 4: Know the best strategy to maximize the gift. Will you give now or later? If college planning is the goal, you may want to start immediately. Be sure that you don't use property that qualifies under the stepped-up basis rule. Known as SUB, it allows property such as your home to be appraised at its fair market value upon your death, rather than what you paid for it 20 years ago. So, if you have some highly appreciated property and transfer it during your lifetime, your family will end up paying more in taxes. You are depriving the family of this handsome tax benefit. If you need to give money right away, liquidate non-appreciated property or get rid of your losers. Or you can keep the asset in your name and take a loan against it to make the gift. Will you give outright or in trust? The 2503 C trust, sometimes called the child's trust, allows you to hold the gift in trust until the child reaches age 21, and get the $10,000 gift tax exclusion. If the child dies before reaching that age, the money goes into his or her estate. The money cannot be used to discharge a legal obligation of the donor. College is not a legal obligation. Interestingly, if the grantor/grandparent reserves the right to get income from the trust, the IRS considers the grandparent the owner for tax purposes. In that case, the gains are taxed in their bracket. Family limited partnerships have been around since 1910, and have enjoyed a recent resurgence. If you like the idea of a trust, but want to control the money and investments yourself, consider transferring the gift to a partnership. You act as general partner and the children or grandchildren are limited partners and recipients. Their tax bracket is applied to gains, and you can distribute the funds when needed for college or other purposes. The gift is out of your estate and even better, the gift is subject to IRS gift tax discount tables. In that way, you can transfer more than $1 million free of estate and gift taxes over the next few years. Rule No. 5: Understand the family impact of your decision Although the rules of gifting are technical, the act of giving can be very emotional. Giving a gift to one family member in need may anger another family member, even if that person is financially affluent. A few devices can help smooth family tensions, or at least stave off future legal battles. The advancement clause in a will asserts that gifts given during your lifetime are an advance against a future inheritance. This allows you to give, or advance money to one relative today, and have your executor "even out the score," after you are gone. For example, if you give Grandson John $10,000 for tuition and give Granddaughter Sally nothing, you can still leave the two of them a total of $50,000 in your will. But since John already received $10,000, he gets only $15,000 upon your death and Sally gets $25,000. What if you intend to favor one family member over another? You can forestall a legal fray with the "in terrorum clause." That clause asserts that in the event that one relative is disgruntled, any attempt to attack the will or trust results in a forfeiture of inheritance rights. Few heirs fight for the principle of the thing. Resources Read/Post comments on the Your Money message board Find a problem in this article? Send us e-mail Free Newsletters! Search MSN Money tips © 2005 Microsoft MSN Privacy Legal Advertise Feedback Help

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Gifts.com - Birthday Gifts, Anniversary Gifts, New Baby Gift Ideas Home • Member Sign-in Wedding • Anniversary • Birthday • All Occasions Personalized Gifts • Gift Certificates • Gift Baskets • All Categories Music Lover Gadget Guru Outdoor Activities Professional Well-Dressed Eating & Drinking Well Golfing Auto Enthusiast Movie Buff Sports Fan ... Active & Healthy TV & Pop Culture Fan Charity & Volunteering Cooking & Entertaining Creative & Artistic Travel Enthusiast Gardening History Buff Home Improvement Pets & Animals Playing Sports Proud Parent Spiritual or Religious Cards & Games Video Gamer » View more Beauty & Spa Creative & Artistic Cooking & Entertaining Music Lover Gadget Guru Fashion Shopper TV & Pop Culture Fan Proud Parent Movie Buff Home Decorator ... Active & Healthy Cards & Games Charity & Volunteering Eating & Drinking Well Travel Enthusiast Gardening Golfing History Buff Outdoor Activities Pets & Animals Playing Sports Professional Spiritual or Religious Sports Fan » View more For Teens/College , Child , & Baby Birthday Anniversary Wedding New Baby Housewarming Retirement Thank You Back To School Baby Shower Halloween ... Bachelor Party Bachelorette Party Bar / Bat Mitzvah Bon Voyage Bridal Shower Bridesmaids Care Package Cheer Up! Christening / Baptism Communion Congratulations! Engagement Family Reunion Get Well Soon Good Luck! Graduation Groomsmen Host / Hostess I'm Sorry! New Job Sympathy Thinking of You New Year's Eve / Day Valentine's Day St. Patrick's Day April Fools Passover Easter Assistants' Day Cinco De Mayo Mother's Day Memorial Day Father's Day Fourth of July Labor Day Grandparent's Day Boss's Day Thanksgiving Christmas Chanukah Kwanzaa » View more Arts & Crafts Automotive Baby & Kids Beauty & Health Books & Magazines Business & Executive Gifts Clothing & Accessories Collectibles & Memorabilia Computers & Electronics Experiential Gifts Flowers & Plants Gift Baskets Gift Certificates & Cards Gourmet Food & Beverages ... Home & Garden Jewelry & Watches Movies & Music Personalized Gifts Pets & Animals Photo Related Sports & Outdoor Activities Stationery & Office Supplies Toys & Games Unique Gifts » View more Traditional favorites with a twist. Celebrate with style. Him • Her • Couple Great gifts for TV junkies. See our most popular gifts, as selected by Gifts.com users. Each week a different store presents an offer you can't get anywhere else. This week: » 15% off any order over $50 at Delightful Deliveries Gift of the Day Great American Days NASCAR Racing » Learn more Gifts for Baby » Well-Dressed Child » Baby Bedtime & Bath » View all baby gifts Give a great gift on time, every time. Gift Certificates Don't know what to give? Explore the possibilities at dozens of top stores. » SpaFinder - Day of Beauty » Coach Gift Card » Sharper Image » Apple iTunes » Great American Days - Choose Your Adventure » Home Depot » Wine.com » View all gift certificates Gift Guides Wondering when, what and how to give? Our Gifting Guides answer your questions about gift-giving etiquette for every occasion. » Back to School Fashion Trends for Teens » Can't Attend the Wedding? » Finding a Great Graduation Gift » College Survival Guide: 101 » Wedding Gift Basics Gifting Resources Our tools can help you become an expert gifter. » Birthday reminders Gift ideas for anyone and every occasion. The easy way to find great gifts! Home | How it Works | Merchants | About Us | Contact Us | Privacy Policy | Terms of Service | Site Map Evite Citysearch ClassicVacations.com CondoSaver.com Entertainment.com Expedia Hotels.com TicketWeb Hotwire HSN Home Loans liveDaily Match.com Real Estate ReserveAmerica Ticketmaster TripAdvisor

Unique Gifts Online while

Holiday Shoppers: Find Unique Gifts Online while Saving Time and Money  You are here: About > Hobbies & Games > Collectibles Hobbies & Games Collectibles Essentials Halloween Collecting The Cookie Jar Spot What Do I Have, What's It Worth? A-Z: Articles and Links! Free Printables & Clipart Articles & Resources Price Guides Online Sports / Card Collecting Collector Resources Animal Collectibles Advertising Stuff Cartoons- Characters-Comics China, Pottery, Glass Disneyana Holiday Collecting Kitchen and Housewares Pins Toys -- Vintage and Antique Auctions and Shopping More Collectible Categories Buyer's Guide Before You Buy Top Picks Product Reviews Articles Forums Help FREE Newsletter Sign Up Now for the Collectibles newsletter! See Online Courses   Search Collectibles Stay up to date! Email to a friend Print this page Suggested Reading eBay Articles, Links, Resources Elsewhere on the Web Auction Bytes Most Popular Price Guides Online -- Free Prices Guides Comic Book Online Price Guide Index -- Prices Realized Comic... What do I Have and What's it Worth? | Index of Cookie Jar Pictures & Value Guides Lil' Bratz Stickers What's Hot Quaker Oat Company History and Premiums McCoy Pottery Raggedy Ann and Andy Lionel Trains - Auction Prices Realized - Collectibles Christmas in July -- Hallmark Ornaments Related Topics Antiques Doll Collecting Toy Collecting Action Figure Collecting Stamps / Coins Holiday Shoppers: Find Unique Gifts Online while Saving Time and Money From Barbara Crews , Your Guide to Collectibles . FREE Newsletter. Sign Up Now! Oct 25 2003 Press Release Natick, MA, October 1, 2003 - Smart shoppers can find the perfect gift while saving time and money by shopping online, according to David Steiner, president of AuctionBytes.com. "Traditionally, this is the time of year that merchants are stocking their stores for the holidays - and online merchants are no different,” said Steiner. “You can do all of your holiday shopping from the comfort of your home, and avoid the crowds and long lines at the mall." Large marketplaces like eBay and Amazon have proven to be popular stops for holiday shoppers. But smaller niche sites can also give you the variety and quality you are looking for in a gift. This year online shoppers have a couple of extra tools available to help them find unique gifts on the Web. Search Aggregators like Google (http://www.froogle.com) and Yahoo! (http://shopping.yahoo.com) have developed shopping search engines. In addition to including large retail sites, the services include many smaller “Mom and Pop” sites offering a great selection of items, from hand-made jewelry, antiques, to collectibles and crafts. “You’ll be amazed at some of the things you can find on smaller sites and the prices in many cases are excellent," said Steiner. For holiday gift-givers, Steiner offers the following online shopping tips: - If there is a collector in your life, online shopping is ideal for finding that one piece that will complete their collection. And don't worry about whether they already have an item. Collectors like duplicates so they can play with one and save the other, or trade for items missing from their collection. Online antiques malls like Tias (http://www.tias.com), Ruby Lane (http://www.rubylane.com) and GoAntiques (http://www.goantiques.com) offer a great selection. - An extra set of a hard-to-find place setting or a replacement for a broken saucer or cup in a special pattern is a great gift. Check out sites like Replacements Ltd. (http://www.replacements.com) or eBay (http://www.ebay.com). - Satisfy hard-to-please family members and friends by buying memorabilia. Consider a vintage movie poster or a celebrity autograph for the people who already have everything. Something that might remind a person of their childhood or a happy time in their lives is a great gift. - Check out some of the smaller auction sites such as ePier (http://www.epier.com), SellYourItem (http://www.sellyouritem.com) or BidVille (http://www.bidville.com) These sites may have hidden gems that are great deals because they’re not as heavily trafficked as eBay or Amazon. - A wide range of books exists to satisfy collectors. For example, Miller's Movie Collectibles by Rudy and Barbara Franchi covers all aspects of collecting movie memorabilia with current values, sources, history, terminology and trends. You can buy the collecting-related books online (new or used) on book sites like Amazon.com (http://www.amazon.com) and specialty sites like Collector Books (http://www.collectorbooks.com). You can also use a search engine for books, like BookFinder (http://www.bookfinder.com). - You can find free-shipping deals online, or consider buying multiple items at once to save on shipping costs. Use comparison shopping sites like Shopping.com (http://www.shopping.com) and Yahoo! Shopping (http://shopping.yahoo.com) to look for the best deals. When buying online, it is important to be a savvy shopper, warns Steiner, especially when buying on marketplaces like eBay. Use a credit card and be skeptical. If someone is offering a deal on eBay or another auction site, and it looks too good to be true, it usually is. "If someone is selling a plasma screen TV for $200, it’s likely that the item doesn’t exist. Don’t try and rationalize why it’s such a good deal just walk away from it," said Steiner. Never, ever wire-transfer money to a seller, Steiner warned. And consider using an escrow service for high-price items, but be aware that there are hoax escrow sites as well be sure to use a legitimate service. Steiner's Web site AuctionBytes.com has more tips on how to shop wisely on eBay: http://www.auctionbytes.com/cab/abu/y202/m08/abu0077/s03 There's no reason to be a last-minute shopper, get online now. And don't worry if you get something you hate under the tree in December. You can turn around and sell it online! "January is a hot month for online 're-gifting,'" said Steiner. "People are online selling the gifts they don’t want or that don't fit, and they're looking for the items they really did want but did not receive." 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Listmania! Cheapskate Great Gifts $10 or Less Your Store See All 31 Product Categories   Your Account | Cart | Wish List | Help Improve Your Recommendations | Your Amazon Home | Your Profile | Learn More Search Amazon.com Books Popular Music Music Downloads Classical Music DVD VHS Apparel Yellow Pages Restaurants Movie Showtimes Toys Baby Computers Video Games Electronics Camera & Photo Software Tools & Hardware Office Products Magazines Sports & Outdoors Outdoor Living Kitchen Jewelry & Watches Beauty Gourmet Food Beta Musical Instruments Health/Personal Care Travel Cell Phones & Service Outlet Auctions zShops Everything Else Scientific Supplies Medical Supplies Indust. Supplies Automotive Home Furnishings Lifestyle Pet Toys Arts & Hobbies Web Search Listmania! Cheapskate Great Gifts $10 or Less by Allison Sibert , a real cheapskate E-mail this list to a friend 1. 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