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]

This!  While Federal is ~$15-16M per person, many states start with significant estate taxes over $1-2M. 
In my state first million is at 10%, and it progresses upward to 20% at $9M+.   So most of us would prefer not to pay the state 10-20% on our estate, so we gift accordingly (and set up trusts).  At least for now the federal isn't as much of an issue as it will continue to grow yearly from the $15M
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