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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]
Estate planning.

Taxes are the enemy of generational wealth.

Instead of waiting for a taxable inheritance, money is shunted down the generations throughout the decades.

It's the RESPONSIBLE thing to do.

I am not in that situation, but if I were, I would absolutely do the same thing!!!

[/quote]

This.  Parents who do this are not cutting back.  They have a lot and they use it wisely.  At some point it is only 50 cents on the dollar or less with estate taxes if they just kept it until death.[/quote]

+100

Kids and grandkids will also benefit much more from having it now than when they are 60 (kids) or 30 (GK).  I'd much rather ensure my kids do not take on debt to attend college or graduate school if I can afford it.  Same for Grandkids.  It's perhaps the single largest "gift" you can give---free education to set yourself up for a great future without loan payments. [/quote]

DH grew up in much better circumstances than me. While there have not been many cash transfers from his parents, they paid for his college, most of his grad school, and provided cash gifts to him when he married and bought a house. We are now much more financially flush (if anything, they appear to be blowing through their money and we now wonder if we will be supporting them). When we met recently with a new lawyer to update our will (we relocated about ten years ago and hadn't done so), I persuaded him that it would make more sense to provide money to our kids at a few intervals (late 20s onwards), then to wait till our death beds. My main argument was that this money might make a difference in being able to buy a house, in which school district, etc. He slowly came around to it, so that's our new plan. Still ten years or so before that would happen, but I feel better about having that in place. [/quote]

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