Saturday January 25, 2020
News
'Give It Twice' Trust
A very popular option for a parent with children is called the "Give It Twice" trust. This is a trust funded when the surviving parent passes away. Part of the estate is transferred outright to children. The balance is placed in a special "Give It Twice" trust.
The trust pays income to children for a term of years—usually 20 years. The income can be divided equally among the children for that period of time. Following the selected term of years, the trust principal is then transferred to charity.
In effect, the property has been used...MORE
Free File for 2019 Tax Returns
As the tax filing season moves into focus, the Service announced the Free File program is available on IRS.gov. The Free File program has served 57 million taxpayers since 2003. Ten tax software companies and the IRS offer free tax-preparation software for 2019 returns.
Free File is available for taxpayers with adjusted gross incomes of $69,000 or less. IRS Commissioner Chuck Rettig notes, "Free File online products offer free federal tax return preparation, free electronic filing and free direct deposit of refunds to help get your money faster. The IRS has worked to improve the program for this year, and we encourage taxpayers to visit IRS.gov and consider using the Free File option to get a head start on tax...MORE
Food Assistance Programs Can Help Seniors in Need
I would like to find out if my 73-year-old aunt is eligible for food stamps or any other type of food assistance program. It seems that she has a difficult time affording enough food each month, and I...MORE
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