3 Smart Ways to Gift Money to Adult Children

Wise Money Show 32 views

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@jenniferspromise
Thank you! Very helpful!
Comment from : @jenniferspromise


@BTBLive
Ok so if your talking about giving 100k each to your five kids why not gift it now and file a 709 return rather than set up a Irrevocable trust with the added cost and maintenance of the trust?
Comment from : @BTBLive


@redbeardedpanda
What if you're the adult child?What about the best way to receive a gift from parents?
Comment from : @redbeardedpanda


@phaedruscj3330
Don't 529s have to be reported on the FAFSA? which means the Feds and schools will reduce "financial aid"
Comment from : @phaedruscj3330


@creed7779311
Why are there rules on how much money you can give to a blood relative?
Comment from : @creed7779311


@doihavetohaveachannel8289
Hmm Would be good if you specify what country you are in Quite sure Canadian tax laws are different regarding this Started watching and realized it didn’t fit
Comment from : @doihavetohaveachannel8289


@rowdy9379
Is it like a deduction, cutting your Tax burden ?
Comment from : @rowdy9379


@Agapy8888
It’s now 17K per child
Comment from : @Agapy8888


@armenassaturian5850
You can gift 15k every year ?
Comment from : @armenassaturian5850


@snuffleupagus3956
First of all, very good video, great information Just to add to the option of gifting highly appreciable asset to your children The flipside to this is if a parent dies with that highly appreciable asset without putting in children’s name prior to death - the children get a step up in cost basis, and can avoid having to pay all the capital gains tax
Comment from : @snuffleupagus3956


@jamesbeatty-wilson5290
Gooftin
Comment from : @jamesbeatty-wilson5290


@KevinSmith-oz5oz
I own a business…does it matter if the pretax gift comes out of business or personal account If out of business, bookkeeper will capture this If out of personal, would remind CPA I did this gift All the above correct? If from business, how can we give 30k since it’s one entity fl a mom and dad giving 15 each If from personal, wife and I are one entity in same account Works the same way as single company Thx
Comment from : @KevinSmith-oz5oz


@MarkLawry
Good advice
Comment from : @MarkLawry


@slimdawgwoof
ABLE account for disabled family member (if they qualify) Limit is $15K annually
Comment from : @slimdawgwoof

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