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Reply to "Does your social circle have a lot of family money/trust funds? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous] Oh and I’ll add that our private school has many grandparents helping with tuition. [/quote] This can be for tax reasons. We can very easily afford private school, but the grandparents pay because payments for education don't count towards any gift tax limits at all, and it helps them reduce the size of their estate. While right now their estate is under the current estate tax limit, there is routinely talk at the national and state levels of lowering this limit, so they may indeed hit the limit in the future.[/quote] The 2026 sunset provision will be cutting the federal tax exemption in half. The gift tax exemption will also be cut in half. Right now a married couple can gift $36,000 per person. Unless Congress acts it will also be cut in half. [/quote]
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