EP 57 - Gifting Money to Family in Retirement
Description
Thinking about giving your kids money while you're stillalive to see them enjoy it? In this episode, we explore how to gift without jeopardizing your own retirement—and the conversations that need to happenfirst.
Specifically, we are going to discuss:
- The two kinds of gifts you can make
- How to set expectations
- A scenario I have come across with a substantial gift in mind
- A hierarchy of financial needs to address with a gift
- The tax implications of a gift.
- Fostering a deeper connection and implementing intergeneration wealth transfer
Lastly, I will finish up with some action items to helpaddress some potential shortfalls in your current plan.
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