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re: Anyone have a trust fund or receive money from parents?
Posted on 5/18/24 at 6:07 am to braves21
Posted on 5/18/24 at 6:07 am to braves21
My dad passed from cancer 12 years ago and my mom from heart problems two Junes ago.
They were old school and never spent money so my sister and I ended up with $325,000.00 each (cash, life insurance, teachers retirement and selling their house) +17 acres of land each.
I'd give it all back to have either of my parents alive, you find out quick that money doesn't take the place of family.
They were old school and never spent money so my sister and I ended up with $325,000.00 each (cash, life insurance, teachers retirement and selling their house) +17 acres of land each.
I'd give it all back to have either of my parents alive, you find out quick that money doesn't take the place of family.
0
Posted on 5/18/24 at 6:45 am to DiamondDog
They aren't raised in wealth but they'll he given quite a bit when I pass. Probably freak them out I expect.
How much?
quote:
They aren't raised in wealth but they'll he given quite a bit when I pass. Probably freak them out I expect.
How much?
Posted on 5/18/24 at 7:28 am to DiamondDog
quote:
DiamondDog
Why wait until you die? The money is more useful to them now.
Posted on 5/18/24 at 8:36 am to GatorH8r
quote:
Serious question and no hate here. Is that a thing for grandparents to put kids through private school?
The Millionaire Next Door book says that it’s very common. It’s how many middle class earners send kids to private school and join a country club so the kids can swim.
Posted on 5/18/24 at 9:58 am to DiamondDog
quote:
No but thats the plan for my kids.
They aren't raised in wealth but they'll he given quite a bit when I pass. Probably freak them out I expect.
Why would you not have some discussions with them? Do some things to enjoy with them, a nice vacation a year or something like that.
My wife's father is wealthy and he has routine talks (frankly too many) on how to to keep the golden goose alive and enjoy the eggs.
I just don't think a huge surprise like that makes sense, for one they may not understand why you were so cheap at times and anger them. Better to talk and help them understand while you are alive imo.
Posted on 5/18/24 at 11:02 am to baldona
We were helped by our parents over the years and do the same for our children and grandchildren - It is paying forward that which was done for us. I think it is what family does if in the position to do so.
We are very far from wealthy but a bit here and a bit there has always been appreciated and am grateful we were taught by examples.
We are very far from wealthy but a bit here and a bit there has always been appreciated and am grateful we were taught by examples.
Posted on 5/18/24 at 11:32 am to braves21
Mother in law gives max tax free gift annually
Just tax planning
Just tax planning
Posted on 5/18/24 at 11:45 am to thesabanizer
quote:
Im in my 40s, doing great, hoping I build a nest egg so big my kids never work
Great idea man, your kids are gonna turn out great
Posted on 5/18/24 at 12:17 pm to evil cockroach
quote:
Theoretically , ones parents could give their child , who has a family of four $144,000 a year tax free. $18k from dad to the family of 4 $18k from mom to the family of 4 At least that’s how I understand it.
They could also give anyone $27.2 million combined using their lifetime exclusion. The annual numbers everyone worries about don’t count against the lifetime exclusion.
For essentially anyone that this would impact, I’d imagine they’re aware of those numbers.
Posted on 5/18/24 at 12:51 pm to LSUGUMBO
My parents died broke (some assistance from their children in later years). However, my siblings and I worked hard in the family business growing up. So, we all were indoctrinated with a strong work ethic which provided a lasting benefit. One sibling bought and successfully grew the business over time.
Personally, I contribute the IRS individual gift limit to my daughter each year on her birthday. She and my son-in-law put the grandchildren through k-12 private school. I paid grandchildren college expenses through 529 long term funding. They are in college now.
The annual gifting was my way of setting up a regular amount that the family could plan on as they saw fit. Son-in-law leaves the spending of the annual gift to my daughter’s discretion. She usually spends it on family trips, needed home improvements, or kid’s cars.
I feel fortunate to be in a position to participate in their well being. They are good people of moderate ambition and strong faith. They’ve provided a healthy home environment. I got more than I bargained for all around.
Personally, I contribute the IRS individual gift limit to my daughter each year on her birthday. She and my son-in-law put the grandchildren through k-12 private school. I paid grandchildren college expenses through 529 long term funding. They are in college now.
The annual gifting was my way of setting up a regular amount that the family could plan on as they saw fit. Son-in-law leaves the spending of the annual gift to my daughter’s discretion. She usually spends it on family trips, needed home improvements, or kid’s cars.
I feel fortunate to be in a position to participate in their well being. They are good people of moderate ambition and strong faith. They’ve provided a healthy home environment. I got more than I bargained for all around.
Posted on 5/18/24 at 1:15 pm to slackster
quote:
For essentially anyone that this would impact, I’d imagine they’re aware of those numbers.
Almost all high net worth people who can are burning the existing lifetime exclusion now before it goes way down.
This post was edited on 5/18/24 at 1:51 pm
Posted on 5/18/24 at 7:13 pm to braves21
I could use a trust fund. I seem to be the sponsor for all my relatives unfortunately
Posted on 5/18/24 at 8:26 pm to BCreed1
quote:
I got something more valuable than that. I was taught the value of a dollar. How to invest in my future, how to work relentlessly for the future that I want. Most of all, that money isn't everything. God is.
Dork
Posted on 5/18/24 at 8:51 pm to whodatigahbait
What did he say that makes him a dork?
Posted on 5/19/24 at 4:27 am to braves21
My parents were not rich when my brother and I were growing up, but were/are always kind to my brother and I.
When they got richer, they were/are generous.
One time they gave us both a pretty large check and said, “spend it on something that you would not buy yourself.” This is when I joined a private golf club and bought brand new clubs. I wrote them a thank you note, about 6 weeks later, my dad died.
Life is short. Be a man or woman worth missing.
I’ve funded my kids Roth IRAs for years. I figure that is a gift that will keep on giving. IF you are able to, giving some wealth away during your life is nice. TIME is a gift all of us can give our loved ones. The good times is what will be remembered most.
When they got richer, they were/are generous.
One time they gave us both a pretty large check and said, “spend it on something that you would not buy yourself.” This is when I joined a private golf club and bought brand new clubs. I wrote them a thank you note, about 6 weeks later, my dad died.
Life is short. Be a man or woman worth missing.
I’ve funded my kids Roth IRAs for years. I figure that is a gift that will keep on giving. IF you are able to, giving some wealth away during your life is nice. TIME is a gift all of us can give our loved ones. The good times is what will be remembered most.
Posted on 5/19/24 at 2:35 pm to braves21
Yeah they trusted me to fund myself
Posted on 5/20/24 at 7:33 am to makersmark1
Downvote?
Somebody needs a hug.
Somebody needs a hug.
Posted on 5/20/24 at 10:16 am to braves21
Know a guy who was married to a chick that got $30k/month from her trust fund, in addition to her being a high earner
Could you imagine?
Could you imagine?
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