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One strategy is where the grandparents can help the grandchildren's education by making a gift under the Uniform Gifts to Minors Act. Each grandparent can give up to $13,000 per child annually free of gift tax, which should be placed in a UGMA bank account in the grandchild's name, with the grandparent or parent as custodian. Another strategy is for the grandparents to purchase Series EE or Series I bonds, or give the money to the grandchild's parent (who must be at least age 24) to buy the bonds. If the bonds are later cashed and the money used to pay qualified college education costs for the grandchild, the interest will not be taxed. The exclusion is phased out for high income taxpayers. Maximum annual purchases of Series I or Series EE are $30,000. Series I bonds also include the feature of being indexed to inflation. Speak to your local CPA about these tax saving strategies.

Some colleges now offer prepaid tuition plans. Generally, you agree to pay a lump sum amount today and, in exchange, the college will guarantee your child four years of already prepaid education. Earnings on the plan's investments are tax-deferred. When the plan pays the tuition benefit, the difference between the purchase price and the benefit will be taxed. If the funds are used for qualified higher education expenses, the investment earnings will be included as part of the beneficiary's income, therefore the earnings will be taxed at the student's usually lower tax rate rather than the purchaser's usually higher tax rate.

You or your spouse may want to formulate and sign a premarital agreement, sometimes called a prenuptial agreement. Generally, premarital agreements define each of the partner's separate properties that are brought into the marriage and describe the financial ownership intentions after the wedding. Premarital agreements are usually done among previously married partners who want to avoid a repeat of a financially bitter divorce. Premarital agreements may contain a limitation or waiver of alimony when and if you ever divorce. It may include a provision under which one spouse gives up all rights or limits their rights to the other's estate. Premarital agreements are advisable if one partner is much wealthier than the other and is concerned with the protection of assets should the marriage dissolve. If a divorce occurs later, the agreement usually states that a transfer, or the promise of a transfer, of a stipulated amount of property from the wealthier spouse to the other. The transfer may either be outright, or in a trust in exchange for a release of all claims the other may have for support or against the transferor's estate. You should also consider signing a prenuptial agreement if you or your future spouse have children from a previous marriage and are concerned about protecting the children's financial interest in your estate. The agreements are also commonly used if one of the two are involved in a business.

When you get married or divorced and your name changes, your Social Security number will not have to be changed.
You should have the name itself changed on your Social Security account to reduce any chance of problems in the future. Changing the name on the account will require a call to or a trip to your local Social Security office. You must fill out a change of name form.
You will need either a copy of your marriage certificate, divorce document or other legal proof of the name change. A new card will be mailed to you within two to three weeks, which will show your new name with the same Social Security number.

If you are receiving survivor Social Security benefits because your spouse has died, you will not lose the survivor benefits if you remarry as long as you are age 60 or older.
If you remarry, you might see your monthly Social Security check increase because you may qualify for higher benefits based on your New spouse's earnings history.
You have an option to choose the higher of the two amounts. If you have children who are also receiving benefits, their status will be unaffected by your remarriage.

Your tax bracket is dependent on your filing status and your Taxable Income. Taxable Income is equal to your Gross Income, minus your itemized or standard deductions, minus your exemption amounts.
The tax bracket reflects the highest range of taxable income that your taxable income falls into and is taxed at that bracket rate. It does not mean that your "total" taxable income is taxed at that (10%, 15%, 25%, 28%, 33%, 35%,) bracket rate.
Therefore your tax liability on your taxable income is a graduated calculation.
The bottom layer of income is taxed at the 10% rate and the next layer is taxed at the 15% rate and the next layer is taxed at the 28% rate and the next layer is taxed at the 33% rate and the last layer is taxed at the 35% rate. This yields an "effective" blended rate at which your total income liability is calculated.
The current year consisits of 6 tax brackets and 6 tax rates. Income tax rates for individuals for the current year are 10%, 15%, 25%, 28%, 33%, and 35%.
The higher bracket and rates start at $8,701, $35,351, $85,651, $177,651, and $388,351 for a single person;
$17,401, $70,700, $142,701, $217,451 and $388,351 for married filing jointly and Qualifying Widower; $12,401, $47,351, $122,301, $198,0501 and $388,351
for head of household: $8,701, $35,351, $71,351, $108,726, and $194,175 for married filing separately.

Generally, if you and your future spouse are both income earners and earn about the same income, you will probably save money by marrying after the first of the tax year. If one of you earns much more than the other, it is generally better to get married before the end of the year so you can file a joint tax return. Speak to your local CPA for details about this strategy.

Generally, if you and your future spouse are both income earners and earn about the same income, you will probably save money by marrying after the first of the tax year. If one of you earns much more than the other, it is generally better to get married before the end of the year so you can file a joint tax return. Speak to your local CPA for details about this strategy.

Community property is property acquired after marriage in the states that follow the community property laws. These states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin.
The basis of the law is that both spouses form a partnership, and all property acquired during the marriage by the labor or skill of either spouse belongs to both spouses.

Community property is property acquired after marriage in the states that follow the community property laws. These states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. The basis of the law is that both spouses form a partnership, and all property acquired during the marriage by the labor or skill of either spouse belongs to both spouses.