ILs giving us money

[Anonymous]

Anonymous wrote: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.

I love this! He got to see you enjoy it.

[Anonymous]

Anonymous wrote: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.

That was nice of him! Was he born wealthy or he had to work hard for his money? Whatever the case, he must have been an emphatic person that knew how hard it is paying the mortgage, paying medical bills and college institution. When your parents would get the money from him, that money likely trickled down to you in some form as well.

[Anonymous]

He was not born wealthy. He was a pilot in the Army during the Korean War, went to college after and got degrees in economics and finance, worked his way up to senior management at a manufacturing company and invested his money very successfully in stocks and real estate.

[Anonymous]

My in-laws do this also, via check. I felt super weird about it for the first few years, and still do, but... just like the other poster's grandfather, they get to see us enjoy their money now, and we try to put some away, donate some and enjoy some. It means we get to take the kids on a vacation some years, and update small things in the house. Not sure we can do the same for our own kids, but... #lifegoals

[Anonymous]

Seriously a first world problem

[Anonymous]

Put it in your kids 529 accounts, or set it aside in a seperate account for them. If they’re education is already covered, you could give it to them as a down payment for a house some day.

Do they give money with emotional strings, or are they really just divesting as part of their estate plan? If it’s just their estate planning, put it in a seperate account and save it for your children.

[Anonymous]

Anonymous wrote:Seriously a first world problem

Nope, it’s a 1% problem.

[Anonymous]

You seriously need some perspective, OP.

[Anonymous]

Anonymous wrote:

Anonymous wrote: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.

I love this! He got to see you enjoy it.

+100 My parents have started to make generous gifts -- college contributions, paying for a big house rental each summer so we can all spend a week together. They want to get the enjoyment of spending it now. DH complains about it and doesn't think my parents should do it because he worries that they'll need the money. If they started to just write us annual checks he'd have a big problem with it, feeling like they think we "need" the money. He came from a poor family where the idea of excess money is incomprehensible. But, if they want to, I'll accept it to make them happy and use it to visit them or save for our kids' grad school or future homes.

[Anonymous]

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?

Stupid.

Neither my DH nor I will ever get a red cent from any parent. Not one. Nor a rich aunt/uncle. I'd love for once to have any kind of financial windfall.

Say thank you. Then count your lucky stars. And STFU.

[Anonymous]

good lord, you're resentful because your inlaws are giving you free money? When I was younger, I had no money-- when my car needed emergency repair, I had to drive 3 miles to auto repair shop, then I had to walk 3 miles home because it wasn't on the bus route and I couldn't afford a taxi. Then, I had to walk back and pick it up. When it was pay day, I used to treat myself by getting a special burrito at the local taco shop. None of this was the end of the world, but I cannot imagine resenting some money that just shows up in my bank account.

[Anonymous]

Its a legit way to avoid taxes on the estate by gifting the money when the person is still alive. Most wealthy people do this as part of estate planning. Lord OP, I want someone to hand me thousands of dollars. I can't even.

[Anonymous]

Poor princess. How terrible that your diamond shoes are too tight.

[Anonymous]

Would you feel differently if it was your parents gifting? Please just appreciate that this is something they want to do for you.

[Anonymous]

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

They’re not avoiding taxes by giving you the money. But according to IRS, the gift needs to be reported and counts against the estate’s $12M exclusion.