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Private & Independent Schools
Reply to "In laws offered to pay for private. Crazy to turn them down?"
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[quote=Anonymous][quote=Anonymous]Why does it have to be for school? Why can't they just write checks to all grand-children and be done with it. Why are they so involved in your life anyway and with money? You have your own money and your kids will be fine too. They can hand down the money some other way without telling you how to use it.[/quote] Gifting money to family members for school is a way to reduce your taxable estate above and beyond the annual IRS gift limits. So you can give relatives x amount annually in cash and then ALSO pay for education. So paying for school is a way for them to give grandchildren more without the IRS taking a cut, essentially. [/quote]
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