Also, of this is the sixth grifter thread by OP today, I'm going to throw up. |
They are not taxed annually,. Anything gifted over $18K/year goes against your estate tax exemption. You file it with the IRS with your taxes and then when you die, your allowed estate tax exemption is reduced by this amount. |
So you give it to them in a trust. But in reality, the estate tax might sunset in 2025 but will eventually go back to the $13M+ it's at currently (or higher). |
Wouldn't you feel strange and guilty taking these huge sums of money from them while they're still alive? Wouldn't it create a strained and weird dynamic? Wouldn't you feel inadequate?
LOL of course not....that's why you picked this guy. To cash in asap. Everyone knows you have to wait until your 60s for the older generation to finally croak and then you can spend the money on cruises and restaurants. Not a moment before! |
You forgot about the lifetime exemption. |
So tacky |
OP here. I identified myself in my posts, so many of these are not me. Your nausea notwithstanding. |
Are you new here? Tons of posters accept private school tuition, college tuition, down payments, lavish vacations, plus cash gifts up to the annual limit per person and don’t feel an ounce of guilt. |
I know and it's a source of amusement to me...I am constantly refusing money from my mother because it will create a power struggle where she feels we owe her deference. She wants to be Lady Catherine Debourg granting favors. I'm not playing that game and my husband definitely isn't. My grandparents died in their 90s and my parents, aunts and uncles have been on a spending spree ever since. Obviously a young family could use that money more but it's not worth the pressure. |
I hope they spend it all frivolously on themselves before they die. |
Sometimes, successful old people have an identity crisis and wonder who or what really needs them or cares that they still exist anymore. When a grown child needs their money, the senior still has a pull on others. At a minimum, visits to the grandparents get made to generate favor. And, who knows, ma and pa might surprise everyone with a nice gift. Likewise, if the grandparents are paying for kids private education. There is a sense that they still matter and make a difference. However, when kids are doing great and don’t need the grandparents or their money, there can be a sense that the grandparents don’t really have a role to play anymore. Of course, the ideal role is that their children and grandchildren just enjoy their company and want them around, but that’s a small minority of situations. Basically, OPs situation is a power play by the grandparents, as they’re miffed that they’re not really needed or wanted, yet they know that the kids might get their money anyway someday. |
Here's how it goes in my family:
Mom: "I've decided that we will pay the kids' tuition this year. We can see that you are struggling financially." (She says this because I work, unlike she did.) Me: "No, no, that's really not necessary. We are managing fine." A week later...Mom: "Your husband didn't even mention the gift we were thinking of giving you. I don't feel like he appreciates how generous we are." Me: "I told you we didn't need the money. Why would he thank you for a gift we haven't even received? Please don't worry about us so much." Mom: "It just kills me to see you working so hard. He should be happy we are trying to help so that you could take a break from working." Me: "I don't really want to take a break from working." Mom: "We are offering to help you and I just don't feel like you're grateful." Whereas if she REALLY wanted us to have the money, she'd just surprise us with the check at Christmas. But she wants the buildup and us on our knees telling her how much we depend on her. Meanwhile my father doesn't even know she's offering this money! |
This sounds like an SNL skit. I think our moms may be related. |
Just give your mom the contact info for the bursar's office and tell her to call them to arrange payment. Let her pay for it and actually follow through on her own accord, if she's serious. She's waiting on you to help move this along. Don't look a gift horse in the mouth. |
Holy crap. My in laws just give us debt. Helped pay their mortgage, house still got foreclosed on. Now paying for fun stuff like assisted living that they cannot afford. So just enjoy that you’re not doing that. We can’t afford them! |