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Reply to "What is your relationship with parents if they regularly gift you money? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Often this isn’t about a “gift.” it’s just a tax strategy.[/quote] That's kind of silly. They could give the money directly to a charity just as well.[/quote] But not if they want their estate to eventually go to the next generation, there are explicit tax rules on what you can give annually and it. It be taxed. The estate cap varies based on IRS/ administration rules so you don’t know years in advance what the cap will be. Many families give the maximum gift annually to reduce the risk that the estate will get hit with higher taxes. This has nothing to do with charitable giving (also an option but not helpful if you want intergenerational wealth transfer. [/quote]
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