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Reply to "Why do so many of you NW adults have Trust Funds or get parental help?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]To answer 23:33: Big checks hover around $50k per year from each. They also contribute max to our 529 plans so we don't actually save for our kids' college funds. Smaller checks are $5k for birthdays, Christmas, etc.[/quote] 23:33 here. Thanks for being so candid! I really think that is just nice and smart estate planning on your parents' part. [/quote] Aren't there gift tax issues on anything above $12,000? Do you or your parent have to pay taxes on the money they give you? Or is it $12,000 per parent per person they are gifting it to?[/quote] I thought it was now $13000 per parent, so $26,000 can be gifted without tax to the gift receiver annually. [/quote]
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