EastWest Gal
Thinks s/he gets paid by the post
My point exactly, and not what I experienced.
My goal is to make sure DS has some access to the money when he needs it, not when he is 50-60 years old and financially secure. I'm still bothered that my dad charged us 8% interest in 1991, far more than what the IRS required for loans to family, with a baby on the way and with me, the bread-winner, pregnant with his first grandchild, on bed rest due to preterm labor.
Family mattered less to him than his money, until I dragged him into a local lawyer's office when he was 74 and the lawyer said he needed to set up a gifting program to his grandkids, or risk the government taking a larger chunk than it did. And with my help, he did that. It was only the tax consequences of his self-centered point of view that allowed him to pay attention to the tax consequences of his decisions.
I think this is partly why I want to provide some to my son long before I croak. Because he can use it now, and I don't need that amount, now, or ever.
My goal is to make sure DS has some access to the money when he needs it, not when he is 50-60 years old and financially secure. I'm still bothered that my dad charged us 8% interest in 1991, far more than what the IRS required for loans to family, with a baby on the way and with me, the bread-winner, pregnant with his first grandchild, on bed rest due to preterm labor.
Family mattered less to him than his money, until I dragged him into a local lawyer's office when he was 74 and the lawyer said he needed to set up a gifting program to his grandkids, or risk the government taking a larger chunk than it did. And with my help, he did that. It was only the tax consequences of his self-centered point of view that allowed him to pay attention to the tax consequences of his decisions.
I think this is partly why I want to provide some to my son long before I croak. Because he can use it now, and I don't need that amount, now, or ever.