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If you are married, you and your spouse each are entitled to your own lifetime gift tax exemption of .49 million, for a total of nearly million.
Finally, you can pay directly for the grandchild's tuition or medical expenses, even if these costs exceed the annual gift tax exclusion.
You can make a gift that's under the annual gift tax exclusion of ,000 per recipient.
Here's a benefit for married couples: You and your spouse together can give away up to ,000.
When it comes to preschool, however, the situation can be dicey: It's easy to prove to the IRS that your grandchild's college courses are educational.
But can you say the same about your youngest grandchild's prekindergarten?
However, if the account holder requires a lower monthly payment and, therefore, needs to extend the number of months for payment, interest accrues accordingly.These cute little crochet trees are the perfect adorable little versatile decoration for your holiday home.You can hang them on up to create a fun little forest of evergreens on your walls or use them as festive holiday coasters.There are several ways for grandparents to give money without being subject to gift taxes, said Russell J.Fishkind, partner at Saul Ewing LLP in Princeton, New Jersey.