The recent SECURE 2.0 Act enacted by Congress has introduced a series of new strategies to help reduce burdens on taxpayers. CGA Law Firm has previously reviewed the SECURE 2.0 Act in general and highlighted some of its advantages to taxpayers. Today we will highlight a beneficial move that can help you and your college-bound children or grandchildren benefit more from their dollars. Utilizing a 529 Plan – a tax-advantaged college savings plan under IRC Section 529 – has long been a solid strategy for tax avoidance. A donor can set up a plan for college-bound family members, usually depositing… read more »
Important Documents for Your College-Aged Child
Accidents are the leading cause of death for young adults, and a quarter of a million Americans between the ages of 18 and 25 are hospitalized with non-lethal injuries each year. Can you imagine being unable to help or to make decisions for your child? It could happen if you fail to plan. When your child turns 18, your child transforms into an adult in the eyes of the law. Overnight, you no longer have direct access to personal information or the right to make decisions for your child, who may still depend on you. The laws that once protected your child… read more »
