ILs giving us money

[Anonymous]

Anonymous wrote:
I followed you until the x4. Who are the four?

Mom, dad, child, spouse-in-law.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
I followed you until the x4. Who are the four?

Mom, dad, child, spouse-in-law.

No. The annual gift limit is x4 (parent 1 to child and child’s spouse, parent 2 to child and child’s spouse). The lifetime exemption applies at the parent level. X2 (so $22.8m).

[Anonymous]

Anyone can give anyone $15,000 per year without tax consequences.

[Anonymous]

It depends on how controlling they are. My DH's parents have offered multiple times to pay for vacations, private school tuition, etc and we always refuse the money. Nothing in life is free and most of the time, this "free money" has strings attached.
Baby boomers are some of the most controlling types who want you to need them in every way.
Say thanks but no thanks and pay your own way. When they pass, you can inherit what's left for you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Our inlaws Do this too. They can't take it with them and don't like spend on themselves. I say thank you. Use it for my children like getting a nanny instead of daycare and fund their 529s. I'd rather they used the funds to do something nice for themselves or hire some help. So if need be we hire them help (to rake leaves, do gutters etc etc).

You do not have to accept, do you? The fact that you accept, with alacrity I bet, indicates your hypocrisy.

Where in that post do you read alacrity???? She is humble and grateful!

[Anonymous]

Yes it is stupid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Has anyone mentioned yet that they can't give you over a certain amount (used to be $10k) without you being taxed on it?

The ignorance on this topic is huge, especially among those who think they know something about it.

LOL, PP, that's because most people NEVER receive tens of thousands of dollars as a gift on a regular basis. You say this like there's a character flaw for not knowing the financial best practices of the wealthy. Get over yourself.

Np - then they shouldn’t comment about tax law if they aren’t an expert. That is pp’s point!!! No one needs to give advice to op’s in-laws — I’m sure they are well advised if they have this type of gifting plan in place. No one needs to give tax advice to op — she didn’t ask for it and fwiw, gifts are not taxable income to the recipient.

[Anonymous]

OP, my parents (now only my father) gave us each $12-14K a year starting about 20 years ago. My DH, DD, and I receive a check usually at Christmas.

It's been great as everyone can imagine -- no strings.

What seems weird about your situation OP is that this $ just appears in your account? No discussion prior? That seems super odd to me. I would wonder if there was a banking error. I would consider opening a new account and using that as my every day and leaving the other account into which they transfer $ open for that.

In regards to what to do with money, I can't imagine that you have fully funded your 529s or retirement accounts. But maybe you have.

[Anonymous]

Well someone gave the parents the bank account number, presumably for them to make deposits. So the parents have no idea they are doing something OP doesn’t want. OP, if you do not wish to receive these amounts, discuss it with your husband, decide together what you want to do, and, if it is to stop the payments then thank his parents for what they have given and as them to stop. I would never make that choice, but that’s between you and your husband. But don’t blame your in-laws for doing something generous, tax-smart (who knows how only the current lifetime exemption will stay in place) and to their knowledge something you and your DH have no problem with.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Nope. You can give the annual amount each year to each person. That does not need to be reported. Honestly, what they are doing is the most basic of estate planning.

Virtually any estate lawyer or CPA would recommend you do this yearly.

[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?

If they are true Democrats and you don't want the money, why don't they give it to me, a poor immigrant who is raising two kids? I will vote Democrats next election.

[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?

This is typical of liberals and democrats. They are usually the most hypocritical. Obama was famous for, "Do what I say, not as I do."

[Anonymous]

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?

If they are true Democrats and you don't want the money, why don't they give it to me, a poor immigrant who is raising two kids? I will vote Democrats next election.

You'll learn that American liberals talk out of both ends! They talk a good talk but often don't walk the walk.
Obama, for example only donate 1.3% of his income before running for president!

[Anonymous]

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?

If they are true Democrats and you don't want the money, why don't they give it to me, a poor immigrant who is raising two kids? I will vote Democrats next election.

You'll learn that American liberals talk out of both ends! They talk a good talk but often don't walk the walk.
Obama, for example only donate 1.3% of his income before running for president!

And look at that new house of his. Do you think he'll be sharing it with any of those children trapped at the border?

[Anonymous]

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?

This is typical of liberals and democrats. They are usually the most hypocritical. Obama was famous for, "Do what I say, not as I do."

Wait - in your opinion, liberals should not engage in . . . tax planning?

OK.