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Reply to "Do you have an age cut off on supporting adult kids?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My one kid is 22, earns like $300k, has $250k of his own money saved and options in a company worth around $5MM (but of course the company needs to get sold or somehow allow employees to sell in a private round). We still are gifting some $$$s for estate planning. I don't feel like I am supporting him at all.[/quote] If you are gifting money for estate planning purposes you must have more than $30m in assets so maybe in a different position than OP. [/quote] Not true. Different states have different gift maximums before tax penalties kick in. My parents are in NY and have to keep their estate under roughly $7.4M. Maryland is much lower, I understand, at $1M.[/quote] Yeah, also it's standard advice that the tax code could always change. You can't count on federal exemption levels remaining where they are.[/quote]
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