brett
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Apr 24, 2010
- Messages
- 5,926
We are funding our grandchildren's post secondary education. Or part of it. Essentially a sheltered fund 2.5K per child per year sheltered from birth until age 16. that grows fax free and has a gov't component grant of 500 per year.
Since the grandchildren are young we also have an amount off the top of our estate that goes into an edu trust fund for each child. This may change as they get older.
Daughter has 3 children. Son none...but that could easily change.
We view these gifts, as do our children, as completely different and separate. Nothing to do whatsoever with how we divide the remaining balances between our two children. Should our son have no children we are not going to make an adjustment in his favor in our estate to represent the investment in our daughter's children.
When it comes to estate, we do not view being even as having to be confined to a year by year event. We have no gift tax in our jurisdiction. Last year we gifted our daughter 85K towards a capital investment. Nothing to my son. But he may need that much or more next year, the year after. We do keep a log of those amounts in order to even things out at the end. But certainly not year by year. We do not view needs or gifting to be bound by calendar years.
We paid for both of our children's post secondary education. Our son's edu expenses were much higher than our daughters. Partly because of grad school. Did we feel in any way obligated to gift our daughter money because we spent less on her? NO. She had the same offer and was able to make with it what she choose. Certainly no resentment from either child.
Since the grandchildren are young we also have an amount off the top of our estate that goes into an edu trust fund for each child. This may change as they get older.
Daughter has 3 children. Son none...but that could easily change.
We view these gifts, as do our children, as completely different and separate. Nothing to do whatsoever with how we divide the remaining balances between our two children. Should our son have no children we are not going to make an adjustment in his favor in our estate to represent the investment in our daughter's children.
When it comes to estate, we do not view being even as having to be confined to a year by year event. We have no gift tax in our jurisdiction. Last year we gifted our daughter 85K towards a capital investment. Nothing to my son. But he may need that much or more next year, the year after. We do keep a log of those amounts in order to even things out at the end. But certainly not year by year. We do not view needs or gifting to be bound by calendar years.
We paid for both of our children's post secondary education. Our son's edu expenses were much higher than our daughters. Partly because of grad school. Did we feel in any way obligated to gift our daughter money because we spent less on her? NO. She had the same offer and was able to make with it what she choose. Certainly no resentment from either child.
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