hankster
Full time employment: Posting here.
- Joined
- Jan 26, 2008
- Messages
- 649
For the past several years, my parents have been giving me and my two brothers between $5k and $10k per year. They want to see us enjoy the money while they are still around as opposed to leaving a larger estate when they pass on. We would like to do this for our two kids as well. My brothers and I are old enough to do smart things with it like build our nest eggs for ER (oldest brother is already ER'd). Has anyone else here done this for their kids? If so, do you give in a certain way that helps to assure the money has a better chance of enriching their futures rather than being spent at the local boat dealer (examples: place the money in a Roth IRA in their name, in an ESA for grandchildren, or even in a separate account to help with a down payment on a home?) We want to encourage wise use of the funds without necessarily giving with some kind of strings attached.