Learn about the new tax treatment of alimony and other considerations. The new tax act changes the tax treatment of alimony for both the payer and the recipient.For divorces finalized prior to January 1, 2019, this new tax treatment will not apply and will be grandfathered under the rules of the prior law.It is important to review your settlement agreement in light of these tax law changes, and consider modification of an existing agreement if appropriate.
Don’t overlook this important element of divorce planning. While not typically top of mind during divorce, taxes are an important consideration, especially completing your tax return.Consult with an attorney or advisor who understands the tax laws so that planning can be done before you agree to a settlement.Being equipped with information regarding divorce,taxes, and your tax return early on can help you work towards a reasonable divorce settlement agreement.
Like any financial goal, planning in advance for the cost of higher education is key. Families need to feel confident their student is getting the right academic experience at the right cost.The appropriate funding strategy can differ widely depending on both student academics, family finances, donor priorities, and unforeseen possibilities.Parents and grandparents alike have many options to assess when determining how to pay for college and higher education.