LINK: the gift that keeps on giving
If you became very wealthy after living a life, like most of us, from paycheque to paycheque, in what ways would you help your family and friends financially?
Thank you, Fairweather Walker for the prompt!
I’d hire a CPA and an estate attorney. We already have a family and my own personal trust so I’d have to get these amended.
I’d set up a trust for my brother’s family and my mom. If I had the means, I’d pay off the rest of our mortgages, fund a retirement contribution for us all, and start a tuition fund in case my niece and nephews decide to go to uni in the future.
I’d also gift each of them $19,000, the most I would be able to give one person in a year without triggering the IRS gift tax reporting.
I’d establish a donor-advised fun. I’d get the tax deduction up front, the money would grow tax-free, and we could keep giving to the causes we care about without the money dwindling downward.
Leave a Reply