Reply to Why do so many of you NW adults have Trust Funds or get parental help?

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[quote=Anonymous]My parents give us the maximum permitted tax-free per year.  We don't spend a dime of it, nor do we rely on its availability.  If my parents ever need or want it, it's there for them.  If not, it's money that's been transferred tax-efficiently.  My DH and I have a high HHI on our own, and hope to do the same kind of gifting for our kids.  No strings attached in our family, just a "we're all in it together" approach to family finances.

This approach may be more common among recent immigrants.  I'm first generation American, and my extended family has always had finances intertwined between generations and among various branches of the family.  One child would come to the US, then send money home to help a cousin get here, for example.  Likewise, when an older family member needed extra care, she could rely on moving in with her niece and her niece's husband.  Our family is doing much better financially than we were a generation ago, but the communal sentiment still applies.  Maybe its true that I'm less "independent" than others.  But I think of it as being more connected with, and more responsible for, my family.  When buying our home, I made sure there was space for family to come live with us for extended stays, or while someone's getting his or her feet grounded here in the US.  This seems normal to me, and an effective way of helping family.  [/quote]

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