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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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Creative Groomsmen Gifts - Gifts BW gifts | gifts Resources | Add URL Wine Gifts & Baskets From the casual wine drinker to the serious enthusiast, we have a gift that will make them smile. Our selection includes premium wine, gourmet baskets, distinctive champagne sets & the very finest California and Northwest wines. Creative Groomsmen Gifts Articles Party Goods and Decorations Suppliers of party goods and decorating suppliers such as streamers, plates, hats, cups, theme party packages and more. Also party favors....( Continue Reading ) Site Map for the about.com guide to weddings [A site map to everything you wanted to know about weddings - from engagement rings to wedding dresses to thank-you notes for wedding gifts.]...( Continue Reading ) Who Pays for What? A Guide to Figuring Out Who Will Pay for What at Your Wedding You have a dream wedding planned in your mind, but do you know who?s going to pay for what at the wedding? Traditionally, the bride?s family would pick up the tab but with the average cost of a wedding skyrocketing, and more couples getting married...( Continue Reading ) Arts and Crafts for Sale, Quilting, Jewelry, Painting, Everything Handmade See tons of handmade crafts for sale on this frequently updated page!...( Continue Reading ) Creative Groomsmen Gifts Directory Links christian gifts for children graduation gifts law school best electronic gifts nautical gifts irish gifts unique wedding gifts ideas gifts for a new mom recipes for gifts in a jar ideas for homemade christmas gifts teacher thank you gifts wholesale garden gifts white house gifts gifts for music lovers good valentine gifts gifts to us hallmark cards and gifts good gifts for girlfriend gift baskets dallas cute valentine gifts gifts for 30th anniversary cotton anniversary gifts siamese cat gifts belated birthday gifts male birthday gifts spiritual gifts survey valentine gift baskets send gifts to uk gift baskets california baby birthday gifts perfect wedding gifts christmas gifts for children gifts for babies pa gift baskets best gifts for men carol wright gifts good anniversary gifts travel gifts inexpensive gifts corporate matching gifts inexpensive christmas gifts sentimental gifts for men wholesale gifts e gifts horse racing gifts cellini fine gifts Popular Search Terms: Gifts BW © 2004 Gifts BW All trademarks are the property of their respective owners. All Rights Reserved. This site is not related to Brajeshwar or Brajeshwar.com in anyway, shape or form

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NOVICA - News - Great Housewarming Gifts - Going Beyond Gift Baskets explore by Region ----------- New Arrivals Favorites ----------- Andes Bali and Java Brazil India Mexico Thailand West Africa explore by Category ----------- View All Area Rugs Clothing/Accessories Collectibles Furniture Gift Finder Greeting Cards/Books Handbags Boutique Home Decor Jewelry Luggage/Travel Bags Masks Mirrors Musical Instruments NOVICA Kids Nature's Treasures Paintings Peace Gifts Sculpture Tableware/Entertaining Toys/Games Vases Wall Hangings myNOVICA NEWS HELP MISSION CART Home News Great Housewarming Gifts - Going Beyond Gift Baskets All Categories Area Rugs Clothing/Accessories Collectibles Furniture Gift Finder Greeting Cards/Books Handbags Boutique Home Decor Jewelry Luggage/Travel Bags Masks Mirrors Musical Instruments NOVICA Kids Nature's Treasures Paintings Peace Gifts Sculpture Tableware/Entertaining Toys/Games Vases Wall Hangings advanced search NEWS Web Firm Profits by Enriching Both Artisans and Buyers Read More Web Site Helps Artists' Business Thrive Read More More News myNOVICA REGION FAVORITES REGIONS CATEGORY FAVORITES CATEGORIES GIFT ANIMALS GIFTS PAINTING SELECTOR Apr 1, 2005 Great Housewarming Gifts - Going Beyond Gift Baskets by Marti Winkler, Home Editor Bella magazine So your best friends just closed escrow on their first home, and the housewarming party's this Saturday afternoon. If you want to make a great impression and give them something they'll actually use and enjoy, forget about the gift basket with a bottle of champagne and a sausage log. It's time to think outside the basket and go for something a little more original. As a real estate agent, I like to give a gift to my clients when we close an escrow, and lately I've fallen into the rut of giving Home Depot gift cards. And while these are great gifts for anyone who owns a house, and are especially easy to buy when you're short on time, they're a little impersonal and predictable. They also scream 'Sorry, I just couldn't think of anything else to get you'. Guilty as charged. Here's a few unique gift ideas that are sure to please and maybe even surprise your friends or clients.... ...Another great website is NOVICA.com, which features worldwide fine art and home decor. Their mission is to 'create a bridge between you and the many talented artisans across the globe'. Art is very subjective, and unless you know exactly what your friend loves, it might be a good idea to give a gift certificate. Gift certificates start at $30.00 and go as high as $1000.00 for those really, really good friends. Top Print Send ITEMS IN CART Your cart is currently empty. JOURNAL SIGNUP Enter your email below to receive special offers & artist/product updates Click here to watch NOVICA Keepers of the Arts Video our mission | site map | info | news | contact us | testimonials | wholesale | corporate gifts | gift registry | become an affiliate | wander woman © 2005 NOVICA United, Inc. All rights reserved. Read our Privacy Policy .

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Men Valentine Gifts - Gifts BW gifts | gifts Resources | Add URL Wine Gifts & Baskets From the casual wine drinker to the serious enthusiast, we have a gift that will make them smile. Our selection includes premium wine, gourmet baskets, distinctive champagne sets & the very finest California and Northwest wines. Men Valentine Gifts Articles Valentine's Day Gifts for Him Great ideas for gifts for men on Valentine's Day....( Continue Reading ) Valentine's Day Gifts for Him Great ideas for gifts for men on Valentine's Day....( Continue Reading ) Valentine's Day Gifts for Him Great ideas for gifts for men on Valentine's Day....( Continue Reading ) Top Eleven Valentine's Day Gifts A quick list of valentine's gifts... in no particular order of popularity... for both men and women....( Continue Reading ) Valentine Gifts for Her Valentine gifts for a woman....( Continue Reading ) Men Valentine Gifts Directory Links wedding anniversery gifts chinese baby gifts christmas gifts for grandma baby birth gifts north carolina gift baskets gifts for bridal party gifts graduation gift baskets houston graduation gifts boys spiritual gifts questionnaire gifts flowers christian gifts how to make flower girl baskets last minute christmas gifts online valentine gifts naughty valentines gifts university of texas gifts gifts for your wife great mothers day gifts ideas for homemade christmas gifts ideas for valentines day gifts easy homemade gifts golf gift baskets snack gift baskets unique gifts for mom ny gift baskets gifts for parents of the bride homemade gift baskets jewish wedding gifts mens christmas gifts send gifts in india romantic homemade gifts custom gifts bridal attendants gifts black gifts com paper easter baskets anniversary gifts traditional modern wholesale christian gifts valentines day homemade gifts jellyfood gift baskets gift baskets in new york city practical joke gifts baskets storage fantasy gifts madison list of anniversary gifts Popular Search Terms: Gifts BW © 2004 Gifts BW All trademarks are the property of their respective owners. All Rights Reserved. This site is not related to Brajeshwar or Brajeshwar.com in anyway, shape or form