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Old 03-09-2019, 09:03 PM   #1
Confused about dryer sheets
Join Date: Mar 2019
Posts: 3
Hi I am....

Occasional lurker over the last several years.
1st post.
I知 59 1/2
Wife is 58
I am semi retireing 11/1/2019, I知 going to do seasonal/part time in the office, that has been my career over the last 35+ years. Will generate $25-$30k income. (Until age 65)
My wife will continue her part time job for a few more years ($24k/year)
Expect/Hope for $85,000+/year income
SS at age 67: Me $2,300/mo.
Wife $1,400/mo.
Wife State Pension $1,000/mo (when she retires)

Assets: Farmland $550,000 ($20,000/year income)
Investments $1,300,000. (Mutual funds, annuities, cash)
No debt.
LOW cost of living area (small town Midwest )

The farmland and $275,000 of our investments were from a recent inheritance.

My question is.
What are your thoughts on passing $100,000 to each of our 2 kids?
kind of an inheritance pass thru.
They are both Great kids, educated, decent jobs.
One needs a different car, plus has student debt.
One needs help to buy a home.

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Old 03-09-2019, 09:12 PM   #2
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street's Avatar
Join Date: Nov 2016
Posts: 3,491
So, to make sure I have it right, you own the farm worth 550,000$ plus you get rent for 20,000$ a year.

I don't see a problem with giving the money to your kids. They are older on their own and have a career. Give it to them now when they need it not when you are old and they don't need as much as they need it now. You are in good shape and most likely wouldn't sell land but that is an option if had to be.
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Old 03-09-2019, 09:18 PM   #3
Confused about dryer sheets
Join Date: Mar 2019
Posts: 3
That is correct re. The farmland
Thanks for your thoughts, and exactly why we are considering these gifts
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Old 03-10-2019, 05:20 AM   #4
Recycles dryer sheets
Col. Klink's Avatar
Join Date: Jul 2011
Location: Citrus Hills
Posts: 235
IMO, you are financially sound and you have indicated your kids are decent, hardworking, and independent. If that is your position, no problem, give them a gift.

What I have seen firsthand (not with my kids thankfully) are parents who continue to provide economic outpatient care for an adult child that has no initiative to work.

Providing financial aid to dependent adults sustains and fosters future dependence.
DISS-MISSED! work in Dec. 2018
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Old 03-10-2019, 07:05 AM   #5
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Join Date: Oct 2017
Location: Brighton
Posts: 1,542
Welcome Mark,

I think you are in good shape, assuming health Insurance is already covered by working part time. I would also agree you should be able to pass on the 100,000 to each child. If they have not started an investment plan for retirement, you might suggest they pay down bills with 1/2 and invest the other 1/2. It is a good way to get them on the road to future independence.

Retired May 13th(Friday) 2016 at age 61.
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Old 03-10-2019, 07:31 AM   #6
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Posts: 824
To avoid gift tax filing, you and your wife can each give $15,000 to each child so $30,000 each year to each child.
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Old 03-10-2019, 09:31 AM   #7
Confused about dryer sheets
Join Date: Mar 2019
Posts: 3
Thanks everyone for your input.
Re. Health Ins., We致e been paying our own for over 37 years (self employed)
We also have LTC Ins. Policies & premiums are fairly reasonable.
Life Ins, policies are paid-up
Re. $15,000 annual gift tax exclusion limit, I知 planning on using part of my lifetime estate tax/gift tax limit. (currently over $5 million).
My main concern is, In doing such a large gift, at my current age, am I going to shortchange our retirement?
Our biggest splurge is going to be travel.
We do a fair amount already & I知 getting really tired of Midwest winters!
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