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UPS Retirement Topics
Parents Gifting Their Children FYI
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<blockquote data-quote="olroadbeech" data-source="post: 2544796" data-attributes="member: 52145"><p>Before my parents passed away they gifted their children the max amount per year which I think was $13,000 a year. It may have increased by now.</p><p></p><p>The reason was to keep their total estate below a certain level before they died so any of their estate taxes over a certain amount ( think it was 600k )would not be taxed at about 50%.</p><p></p><p>none of the children needed the money but it was easy to understand their motives.</p><p></p><p>now the shoe is on the other foot and we will have to do the same thing soon. I am not sure if it is a good thing to give all our children $14k a year as gifts since they are only in their 30's but I would rather do that than give it to Uncle Sam.</p><p></p><p>or we could spend it all before we croak but i dont know on what. we have never been big spenders.</p><p></p><p>I would only give cash and not cash in stocks or real estate.</p></blockquote><p></p>
[QUOTE="olroadbeech, post: 2544796, member: 52145"] Before my parents passed away they gifted their children the max amount per year which I think was $13,000 a year. It may have increased by now. The reason was to keep their total estate below a certain level before they died so any of their estate taxes over a certain amount ( think it was 600k )would not be taxed at about 50%. none of the children needed the money but it was easy to understand their motives. now the shoe is on the other foot and we will have to do the same thing soon. I am not sure if it is a good thing to give all our children $14k a year as gifts since they are only in their 30's but I would rather do that than give it to Uncle Sam. or we could spend it all before we croak but i dont know on what. we have never been big spenders. I would only give cash and not cash in stocks or real estate. [/QUOTE]
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