Giving kids a down payment

[Anonymous]

Has anyone done this or are planning to? How much? We’re thinking of giving 100k to each kid. College is already done and paid for. Does 100k help enough or should we give more?

[Anonymous]

People here really love to humble brag about their wealth. Tone deaf, especially when so many people are struggling right now.

[Anonymous]

What a dumb question. Don’t you know what housing will cost for your kids?

[Anonymous]

Depends on what house they are buying. It’s a 20% down payment on a $500k place which won’t get you much these days maybe a condo.

[Anonymous]

Anonymous wrote:What a dumb question. Don’t you know what housing will cost for your kids?

+1 to this and pp humblebrag quote.

This is driven either by the purchase price or your own finances.

[Anonymous]

I am thinking $100 or $200k, if we can afford it.

[Anonymous]

Why not just buy them a house outright so they can invest the money they would spend on a mortgage? If 100k or 200k is doable, why not just purchase an 800k starter house and transfer title?

[Anonymous]

Is the child married? If the marriage breaks up, are you comfortable with the spouse keeping half?

[Anonymous]

Just as a data point: My parents gave my sister and me $500,000 each for a downpayment. I do have a prenup with my spouse (sister is not married).

[Anonymous]

This board is insane sometimes. Idk a single person whose parents helped them buy a house

[Anonymous]

More if you can afford more, but consider a trust if child is married because otherwise spouse gets half.

[Anonymous]

Anonymous wrote:People here really love to humble brag about their wealth. Tone deaf, especially when so many people are struggling right now.

What an idiotic comment. Are you seriously saying bc someone can’t ask a question relevant to their situation bc others are worse off? A rising tide lifts all boats - the more successful I am, the more people I employ, taxes I pay, donate, etc. If a gift of a down payment can help someone get on the property ladder and move up, why not? OP, talk to your estate planner or wealth manager bc we were specifically given an amount we can “give” to each child annually w/o tax consequences. Each child has an account that is set up tax efficiently and will eventually be used for a down payment.

[Anonymous]

Yes, we plan on doing this, amount TBD.

[Anonymous]

we set up brokerage accounts for our kids many years ago. each of three kids have about 300k right now. they can use it anyway they want. we are not giving any more or paying for their wedding. we are done

[Anonymous]

Anonymous wrote:

Anonymous wrote:People here really love to humble brag about their wealth. Tone deaf, especially when so many people are struggling right now.

What an idiotic comment. Are you seriously saying bc someone can’t ask a question relevant to their situation bc others are worse off? A rising tide lifts all boats - the more successful I am, the more people I employ, taxes I pay, donate, etc. If a gift of a down payment can help someone get on the property ladder and move up, why not? OP, talk to your estate planner or wealth manager bc we were specifically given an amount we can “give” to each child annually w/o tax consequences. Each child has an account that is set up tax efficiently and will eventually be used for a down payment.

Side comment...but this is a strange statement. Unless you run a business, most people don't impact anyone's employment based on how successful they are financially. A BigLaw partner who earns millions doesn't just go out and hire an additional associate because they are successful.

Geez, big tech company execs are raking in millions and billions and they are bragging about how they are cutting their workforces.