What is your unique estate plan? (besides evenly split among all kids) (separate, opinions)
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I'm going to spend every penny. The check to the funeral home for cremation will bounce.
All my financial assets list my girlfriend as beneficiary. All my real assets go to my sister. I need to rework my will and take some probate avoidance steps with real property. It predates my girlfriend.
You can give up to $25,000 maybe more to anyone tax free each year. I gave my sone and daughter in law each 25 K so they could buy a house. Didn’t even need to report it.
You can give up to $25,000 maybe more to anyone tax free each year. I gave my sone and daughter in law each 25 K so they could buy a house. Didn’t even need to report it.
I thought it was more like $13k. What would I know, I never got a cent! Seems like a much better way to pass on assets if you can afford to do it and no one is waiting around slavering for you to die. (I guess I've known some greedy folk...)
Just looked it up- The annual gift tax exclusion for 2019 is $15,000, and the lifetime exclusion is $11.4 million. Maybe the poster was thinking of $25k per couple.
I thought it was more like $13k. What would I know, I never got a cent! Seems like a much better way to pass on assets if you can afford to do it and no one is waiting around slavering for you to die. (I guess I've known some greedy folk...)
Just looked it up- The annual gift tax exclusion for 2019 is $15,000, and the lifetime exclusion is $11.4 million. Maybe the poster was thinking of $25k per couple.
And that Exclusion is per person.
Example: if you have two children, the mother could gift each child $15,000 and the father could gift each child $15,000 for a total of $60,000 without being taxed on those gifts.
This is called 'Gift Splitting', and is another way for parents to avoid the Gift Tax.
We have separate account funds for our grandkids. In the event we pass before they start college, the younger will get extra funds from the estate to even the amounts. We started oldest kid’s savings first, so his account is worth more than second grandchild’s. I could not stand the thought of granddaughter receiving less from us for her education than grandson, so attorneys wrote that into the will.
I forgot to mention I bought a rental house this past year, putting the 25 percent down with my emergency money. My tenants are my vet tech and her family, and they have agreed to take any dogs I might have if I die suddenly (or otherwise) and keep them in the house. My dogs are pretty unadoptable, being old and otherwise compromised, so I doubt the shelter would be able to home them. My vet tech had agreed to take them all along, but they were losing their rental to sale (again) and were not in a position to buy a house, so I bought the rental and rent to them. They will buy the house from me when they can. Her name is on the title, which means she can apply to buy the house for the remaining amount of the mortgage (cannot inherit the mortgage) so my dogs would always have a home.
It's really the only thing I care about with my little estate.
Example: if you have two children, the mother could gift each child $15,000 and the father could gift each child $15,000 for a total of $60,000 without being taxed on those gifts.
This is called 'Gift Splitting', and is another way for parents to avoid the Gift Tax.
How would the IRS know how much someone gives their kids unless they audit? Forgive me, I have no kids this would ever apply to so I'm not well versed in this.
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Gift Splitting
