The sharing of gifts allows a married couple to give twice as much as an individual without being subject to gift tax.
In tax year 2021, the couple’s annual gift rebate is $30,000. In 2022, this amount will increase to $32,000.
Gifts of any amount to spouses or political organizations, or to pay for tuition and medical expenses on behalf of others, are generally tax-deductible as gifts.
The Uniform Law on Prenuptial and Spousal Agreements is a law passed in several states to determine when and how prenuptial agreements must be enforced.
The Family and Sick Leave Act (FMLA) is a labor law of 1993 that protects the workplace of employees who need to take leave for personal or family reasons.
Unemployment income is temporarily paid by the state to the unemployed who have lost their jobs due to dismissal or for other reasons through no fault of their own.
The Uniform Gifts to Minors Act (UGMA) provides a way to transfer financial assets to a minor without the time-consuming and costly establishment of a formal trust.
The Unsatisfied Judgment Fund is an amount of money set aside by some states to cover the unreimbursed costs of injuries sustained in motor vehicle accidents where the responsible driver is unable to pay the damages.