Gifting to People You Love: The Complete Family Guide to Making Gifts, Bequests and Investments for Children
Overseeing your money for future generations is a critical step in managing the financial future for your children and heirs. "Even though you will be reading about law and money, this book is really about love and trust," writes Adriane G. Berg, financial expert and attorney, in this basic, essential guide on how to make the most of your gift-giving to minors, including small and large gifts, college savings, trusts, bequests, and investments. Here, in one clear, easy-to-read volume, all the...
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Overseeing your money for future generations is a critical step in managing the financial future for your children and heirs. "Even though you will be reading about law and money, this book is really about love and trust," writes Adriane G. Berg, financial expert and attorney, in this basic, essential guide on how to make the most of your gift-giving to minors, including small and large gifts, college savings, trusts, bequests, and investments. Here, in one clear, easy-to-read volume, all the bases are covered, including how to make the tax laws work for you, how to set up trusts and avoid probate, the benefits of a family limited partnership, how to decide between college-friendly investments and lump-sum planning, what type of insurance can help you build an inheritance, how to make your child a successful beneficiary, the best way to give small gifts now, the financial rewards of grandparenthood, gifting and support issues when parents divorce, and samples of the various legal forms involved, such as a power of attorney and trust agreements. Library Journal Berg (Your Wealth-Building Years, Newmarket, 1995. 3d ed.), the host of a call-in radio show, observes that in the next five years the baby boom generation will inherit over a trillion dollars. The legal and tax consequences of this intergenerational transfer of wealth can burden individuals with unnecessary cost confusion. Berg's attempt to inform concerned parties of their options stops short of being complete. He chooses instead to present an overview of various financial-planning topics associated with the complex process of wealth-building. Consequently, the treatment of some intriguing subjects, such as the family limited partnership and the use of insurance to avoid estate taxes, are frustratingly brief. Somewhat disturbing are Berg's several offers to provide readers with more information if they contact the legal firm with which he is associated. Nevertheless, his book is worthwhile as a timely introduction to the subject.Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.
Preface1What Are Your Goals in Investing for Your Children and Grandchildren?12Everything You Wanted to Know About Taxing Your Children's Assets But Were Afraid to Find Out103Titling Accounts: The Joint Account224Titling Accounts: The Uniform Gifts to Minors Act285Trusts336Trust Provisions of Special Interest to Parents and Grandparents447Selecting Trustees488The Child's Trust589The Family Limited Partnership6710Power of Attorney7011A Short Course on the Cost of College7412Investing for Children8813College-Specific Investments and Lump-Sum Planning9914Insurance to Build an Inheritance10815Small Gifts11716Making Your Child a Successful Beneficiary12217The Financial Rewards of Grandparenthood13418Gifting and Support Issues When Parents Divorce146App. AYour Child's Tax161App. BChildren's Trust Agreement163App. CCertificate of the Jones Family Limited Partnership169App. DPower of Attorney171App. EAcknowledgments for Wills and Trusts175Bibliography177Index179An Open Invitation189About the Author190
\ Library JournalBerg (Your Wealth-Building Years, Newmarket, 1995. 3d ed.), the host of a call-in radio show, observes that in the next five years the baby boom generation will inherit over a trillion dollars. The legal and tax consequences of this intergenerational transfer of wealth can burden individuals with unnecessary cost confusion. Berg's attempt to inform concerned parties of their options stops short of being complete. He chooses instead to present an overview of various financial-planning topics associated with the complex process of wealth-building. Consequently, the treatment of some intriguing subjects, such as the family limited partnership and the use of insurance to avoid estate taxes, are frustratingly brief. Somewhat disturbing are Berg's several offers to provide readers with more information if they contact the legal firm with which he is associated. Nevertheless, his book is worthwhile as a timely introduction to the subject.Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.\ \
