RockyMtn
Thinks s/he gets paid by the post
GF and I are thinking that we should start gifting some of the estate to our children and grandchildren now rather than waiting till we pass to that great lawn chair in the sky.
We have more in assets than we could conceivably spend in the next 30 years along with pensions, profit sharing and SS to top off the tank. Given that most assets are in my name we also have a federal estate tax issue. We figure that gifting now will help the kids (all employed and on their own) while they can use it given their young families and in one case a low paying labor of love job. We have opened 529's for the grandchildren but would probably ramp up those contributions to further ease the parents pain at college time.
My parents have begun gifting now as they have a state estate tax issue. None of us kids need the money but it might have come in handy when we were younger which made me think our plan might be the right thing to do.
Any experiences or thoughts that anyone has would be greatly appreciated! And no, I am not looking to adopt anyone on this forum.
We have more in assets than we could conceivably spend in the next 30 years along with pensions, profit sharing and SS to top off the tank. Given that most assets are in my name we also have a federal estate tax issue. We figure that gifting now will help the kids (all employed and on their own) while they can use it given their young families and in one case a low paying labor of love job. We have opened 529's for the grandchildren but would probably ramp up those contributions to further ease the parents pain at college time.
My parents have begun gifting now as they have a state estate tax issue. None of us kids need the money but it might have come in handy when we were younger which made me think our plan might be the right thing to do.
Any experiences or thoughts that anyone has would be greatly appreciated! And no, I am not looking to adopt anyone on this forum.
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