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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

Housewarming Gift Ideas Email

Housewarming Gift Ideas  You are here: About > Home & Garden > Interior Decorating Home & Garden Interior Decorating Essentials Decorating for Fall Back to School All About Decorating Kids' Rooms It's Fall Showhouse Season Dorm Decorating Ideas Articles & Resources Beginner Decor Decorating Inspiration Elements of Decor Decorating by Room Decorating Styles Decorating Solutions Do-It-Yourself Projects Organize, Clean and Move Holiday Decor and Ideas Seasonal Decor Education and Careers Building and Remodeling Using Decorative Arts Articles Forums Help FREE Newsletter Sign Up Now for the Interior Decorating newsletter! See Online Courses   Search Interior Decorating Housewarming Gift Ideas Email to a friend Printer friendly version Related Resources • Gift Sources • Housewarming Parties • More Gift Ideas for Occasions About Interior Decorating Subscribe to the Free Newsletter Your Email Address: Moving into a new home is a time that's full of possibilies. Friends, family, and neighbors often share in the excitement by taking a housewarming gift to the new homeowners. But what should you give? The answer depends partly on how well you know the recipients, and if you have insight into their personal tastes and preferences, their needs and wants. For your closest friends, housewarming gifts can be personal, humorous, and special, while for new neighbors or acquaintances you may want to make more generic gift choices. Housewarming gifts are the one type of gift that needn't always be formally gift wrapped. After all, plants, gift baskets, and other large items are difficult and unwieldy to wrap in gift paper. Instead, consider using tulle fabric or netting, clear cellophane, or even just a colorful bow to adorn your gift. Be sure to include a handwritten welcome card, and whenever possible, personally take the gift to the home and officially "warm" it with your good wishes. Whatever your gift choice, make is something appropriate for you and for the recipients. There's nothing more discouraging than to receive a huge Victorian swan planter when your entire home is black and white contemporary. It's better receive something predictible rather than something inappropriate. Here are our favorite -- and not so favorite -- gift ideas for housewarmings... The Good Give Something Classic Simple beauty never goes out of style. A silver picture frame, a cut crystal bud vase, or a beautiful clock are objects that can fit into almost any home. Make it special by buying it in your friend's favorite store, or go all out and shop at Tiffany, Neiman Marcus, or other specialty store. For an extra touch, fill the frame with a personal photo, place a rose in the bud vase, or engrave the object with the move-in date. Add to a Collection Choose an object that your friends can add to a treasured collection -- things like an antique tin, a white ironstone bowl, or a silver napkin ring are possibilities for some collectors. Then add a little something extra to the gift... perhaps a mini box of truffles inside the tin, some wonderful tea in the ironstone bowl, or a small bouquet of flowers cinched with the napkin ring. Gift Baskets Choose a theme appropriate for your recipients and have fun putting together something creative. Just choose a themed container, several appropriate pieces to place inside, and tie it all up in cellophane and a pretty bow. Use package shred or crinkled tissue to cushion the items if necessary. -- Gardening Bucket with garden tools, gloves, seeds, pruners, and gardening magazines -- Just Add Water with a vase, stem cutters, floral design book, and a big bunch of fresh flowers -- Paint Party in a Paint Tray with paint rollers, brushes, drop cloths, tape, 5 in 1 Tool -- Starter Tool Box with tape measure, hammer, screwdriver, pliers, and assorted nails -- Picture Hanging Kit with picture hangers and wire, nails, tape measure, level, and plumb line -- Dinner Kit with a casserole, plates, utensils, paper cups, and a bottle of sparkling cider -- Emergency Chocolate Kit for incurable chocoholics -- a candy tin or a basket, and a variety of chocolate candy, truffles, cookies, or freshly baked goods made of -- you guessed it -- chocolate ! Make Something Special Gif the gift of yourself by presenting something you've made. Perhaps a flavored vinegar, shaped topiary, painted welcome sign, fireplace starters, a flower arrangement or an Easy Fruit Arrangment . Toasting Flutes Add to their wedding crystal, or choose unique toasting flutes especially for the occasion. Tie the stems with pretty bows, and include a bottle of bubbly to toast your friends in their new home. Bridal Registry Newly married couples can be easy to shop for since you may still be able to choose items from their wedding registry. If the registered gifts have all been given, you can look it over for clues to their chosen color scheme and style preference, then make appropriate gift choices that will fit into their decor. Consider placemats to go with their china, an additional setting or two of everyday dishes, or an alternate choice of colored glassware. 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CREATIVE GIFT PLANNING Title:

Cancer Research and Prevention Foundation - Gift Planning: Creative Gift Planning Information printer friendly | contact us | site map | links 1 Thursday, March 31,2005 | Updated 2:53 pm » Make a Contribution » Corporate Giving » Gift Planning » Memorials & Tributes » Workplace Giving » Prevention Partners » PreventionP ioneers » Poker Donation » Car Donation REQUEST FOR MORE INFORMATION ABOUT CREATIVE GIFT PLANNING Title: Select a Title Ms. Mr. Mrs. Miss First Name: Middle Initial: Last Name: Address 1: Address 2: City: State: State -- Select One Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Massachusetts Maryland Michigan Minnesota Mississippi Missouri Montana North Carolina North Dakota Nebraska Nevada New Hampshire New Jersey New Mexico New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington West Virginia Wisconsin Wyoming Zip Code: Email: Home Phone Number: Office Phone Number: Best Time to Call -- Select One Morning Noon Evening Date of Birth (optional -- used to calculate sample gift illustrations and tax benefits): I am especially intested in: Gifts that provide income for me and benefit CRPF Gifts that provide income for CRPF with tax savings on trust's transfer to heirs Remembering CRPF in my Will ( Click here for sample bequest language .) Donating a retirement account or plan to CRPF Donating a residence, farm or vacation home to CRPF Donating tangible property to CRPF Donating appreciated securities to CRPF Donating a life insurance policy to CRPF I am interested in learning more about the Cancer Research and Prevention Foundation Cancer Research and Prevention Foundation 1600 Duke Street Alexandria, VA 22314 view our disclaimer phone: 800.227.2732 703.836.4412 fax: 703.836.4413 home | about us | healthy living | materials | programs | research | advocacy | press | donate | patients