calmloki
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
We are closing in on an arbitrary net worth number. Thinking that when we hit that number I would like to share the wealth a bit. The gal and I aren't married and file separately and own almost everything jointly. Have a number of 30ish nieces and nephews who earn modest amounts. A chunk of $$ now could be of far greater use to them than decades into the future. Some might make that money work, some might get their noses above their debt and draw a breath, some might just play. We also have some friends who could really use some cash - but they are proud and decent and I'd prefer they didn't know who funded them.
I'm also thrifty and don't really care to give the government any more than I must. Thought about gifting appreciated shares of VTSAX, but am unclear on the mechanism. I understand that the giftee is responsible for the capital gains tax but uses my basis, and that for 2018 I can give $15,000 to each giftee without paying a gift tax out of my pocket. Seems like giving stock to low earning people would get them more than my selling the stock and paying them the proceeds after subtracting my tax burden. How do you give someone stock though? Do the giftees have to have brokerage accounts that I have all the info on? I'd wager none of the giftees have such accounts. And how to make an anonymous gift - of either stock or money? Donor Advised accounts can only give to registered charities, right?
Want to be smart about what gets done, maximizing gifts, minimizing taxes paid, and having all be as simple as possible, while allowing an anonymous gift maybe. Giving is just not something I'm real good at. Halp!
I'm also thrifty and don't really care to give the government any more than I must. Thought about gifting appreciated shares of VTSAX, but am unclear on the mechanism. I understand that the giftee is responsible for the capital gains tax but uses my basis, and that for 2018 I can give $15,000 to each giftee without paying a gift tax out of my pocket. Seems like giving stock to low earning people would get them more than my selling the stock and paying them the proceeds after subtracting my tax burden. How do you give someone stock though? Do the giftees have to have brokerage accounts that I have all the info on? I'd wager none of the giftees have such accounts. And how to make an anonymous gift - of either stock or money? Donor Advised accounts can only give to registered charities, right?
Want to be smart about what gets done, maximizing gifts, minimizing taxes paid, and having all be as simple as possible, while allowing an anonymous gift maybe. Giving is just not something I'm real good at. Halp!