tigerrocket

I am not a CPA, but this is my understanding: The state income tax rate is a flat 3%, so if filing married you would get 3% of the contribution up to $4800 per beneficiary. If you contribute $4800 to each account, it would save you $432 in state income tax. If you contribute more, the tax deduction would carry over to future years.

I agree if you are going to spend it on education anyway. You would save $144 in state taxes if you did the maximum contribution.

Don't think he'd be eligible for solo, because he has employees, and with a SEP, he would have to contribute the same % to all eligible employees (might get expensive). I would think maybe a SIMPLE if he wants to keep costs down.

2024 Audi, 2019 GMC AT4, 2020 Civic, and 2018 Civic. Full coverage max liability, two college students, and one accident with no tickets.

My renewal came in at $13,900 for the year. I was able to get it down to $4200 for 6 months with Geico. The $13,900 renewal was with American General.

IRS link:

LINK

The financial institution that choose will walk you through the process.

Florida and Louisiana do not have an estate tax. Federal estate tax is only on estates north of 12 million.

A living trust will allow you to avoid probate if all of his assets are transferred into the trust.

You would only want to do a 1031 if you aren't eligible to sell it tax-free under the primary residence rule. If you do a 1031, you will not be selling it tax-free, just tax-deferred. You would also have to purchase a like property at a price at least as high as the one you sold.

One of the most common prohibited transactions is known as self- dealing, which is when the IRA owner attempts to do business with themselves. This isn’t allowed. You can’t buy or sell property to yourself.

TOD and probate comes into play at death. If the person is still alive but incapacitated, you would need a Power of Attorney to handle their affairs.

$5000 every 6 months. $833 per month with Allstate.
2019 GMC AT4
2017 AUDI Allroad
2020 Honda Civic
2018 Honda Civic

Two teenagers in the house.

By paying every 6 months via ACH with Allstate I save about 10% versus paying monthly and can't be with a credit card.