ILs giving us money

[Anonymous]

Anonymous wrote:if only there were a place to put unneeded money to benefit others

+1 OP if it really bothers you and you can't use the money for college or retirement or anything that will improve your quality of life, send the money to St. Jude's. Your in laws get the tax break, you get a tax break, a deserving organization gets support. Win win win.

[Anonymous]

My inlaws do the same thing. It’s a check we have to cash and it’s not for their annual taxes, but to spend down their estate. We don’t budget for it or plan for it. We put most of it in the kids college fund and use it to pay for travel to see my inlaws or my husband’s siblings. If gives us some wiggle room in our budget we would not otherwise have, but it’s nice. Over time I have gotten used to it and don’t feel guilty since they give all of their kids an equal amount.

When they die and we presumably get a large inheritance, I will feel guilty if my husband uses it to change our lifestyle even though it’s his family’s money. I don’t know what their plan is since we have not discussed it. I would not care if they skip us and put it in trust for grandkids or give it to charity.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I feel like an anonymous forum is the place to vent about this or be put in my place. Each year, sometimes multiple times a year, my ILs give us a substantial chunk of change - in the tens of thousands -- as their way to avoid a higher tax burden (keep in mind they purport to be serious Dems) calling it a "gift" or "donation" to us. They don't ask, just transfer the money. As someone who always worked really hard to become a financial stable person, I get annoyed by this (and don't feel like it's "my" money). Is that stupid of me to complain about free money?

Unless you're a charity, they giving to you doesn't help their tax burden, and in fact adds to it because once they exceed a certain amount they have to pay a gift tax.

You have no idea what you're talking about.

A couple can effectively transfer $60k a year to another couple without counting towards their lifetime exemption. It does in fact help their tax burden. You have no idea what you are talking about.

Oh please. If all they're doing is giving money away to their children now to avoid having their estate taxed later when they're dead they're hardly "helping their tax burden." They're just making sure there's more money left to pass on to their heirs.

YOU have no idea what you're talking about.

Of course this is what people do. What on earth is so confusing for you? This is about the second thing you learn about is any trusts and estates class. Basically bottom of the barrel estate planning.

[Anonymous]

Don't you have to pay taxes on that money?

[Anonymous]

Anonymous wrote:Don't you have to pay taxes on that money?

No

[Anonymous]

Anonymous wrote:JFC. You poor, poor thing. Donate it then. Problem solved.

Right??? I WISH I had this freaking problem.

[Anonymous]

OP here - Ok! I'll shut up and yes, donate a large chunk to charity.

[Anonymous]

Anonymous wrote:OP here - Ok! I'll shut up and yes, donate a large chunk to charity.

You are a charity! Use the money to get your kids' college fund secured and save the rest. Once you are as rich as them, then donate to charity. It sounds like you don't have any financial common sense.

[Anonymous]

Let me ask you this, do they hold the money over your heads like a scythe?
How many strings it comes with? That you must visit them certain times per week, month, year? Do they give you money and ask you to hop on one foot? How often do they mention the money they gave you, and how thankful are you expected to be?
If the answer is none of the above, you need to shut up and say thanks.

[Anonymous]

Yes.

[Anonymous]

the first about $12,000,000 passes without tax consequences. In laws must be loaded; in any event, they're poorly advised.

[Anonymous]

God I loathe rich people. Seriously. This is a problem?!? Donate it. Do something meaningful with it for yourself and your children. Or let it sit and accrue interest. This is NOT a problem.

[Anonymous]

My wealthy grandfather did the same thing. He would gift every family member $15k every year because "I can't spend it when I'm dead." He died last year and the final estate value was around $2 mil instead of $10 mil. That money he gave all of us over the years paid for college, first homes, trips overseas, etc. It was incredibly generous of him and I cannot imagine anyone complaining about such a gift.

[Anonymous]

Anonymous wrote:God I loathe rich people. Seriously. This is a problem?!? Donate it. Do something meaningful with it for yourself and your children. Or let it sit and accrue interest. This is NOT a problem.

But, OP doesn't sounds rich. She said she works hard to be financially stable.

[Anonymous]

Anonymous wrote:You must be a troll.

She is.