Engagement rings have a long history, dating from Roman times and before. An engagement ring indicates that the person wearing it is engaged to be married. Usually, the ring is presented to the bride-to-be as a betrothal gift by a man when she accepts his marriage proposal. Not every engagement results in a marriage. If… Read More
When a person makes a loan to a family member, friend or relative at less than the market rate of interest, there may be adverse tax consequences. There are two tax implications to consider: income tax and gift tax. Even though the loan is interest free or carries a very low rate of interest, you… Read More
403 (b) plans are the retirement savings plans for educators and employees of tax-exempt organizations. They are also known as tax sheltered annuity plans (TSAs). Participants include teachers, school administrators and other personnel, nurses, doctors, professors, librarians, and ministers. Many of these folks also receive a pension, but often the pension is not enough to… Read More