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][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]

True but the one "beneficial" item that came from the BBB was solidifying Estate taxes at $15M+ and increasing yearly for inflation.  No more end dates, so unless congress actively works to undo that it will not change (and I'd argue congress has much more to do than undo that) [/quote]

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