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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I’ll play. My grandparents, born circa 1910, were quite literally the millionaires next door.

My grandfather didn’t go to college although money was there; he ended up inheriting stocks from two generations prior upon his father’s death in 1970. By this time, he was about five years from an early retirement.

Instead of looking at this as a windfall, he truly  continued on with a very simple life. He always had a company car and my grandmother didn’t drive. When he retired, he bought a car with cash. I don’t think they ever had a credit card.

They shopped sales and were the first couple I knew who had stockpiles of essentials like tissues, toilet paper and their favorite foods.

My grandparents made no impulse purchases, ever. Everything from furniture to decor to lawn equipment was carefully researched with an eye on end of season or clearance sale. My grandfather could and would repair and fix anything himself and did a beautiful job.

Controversial: they gave little to nothing to charities. They didn’t believe in “spoiling” the grandchildren and didn’t adjust for inflation. We each got $50 for high school graduation, from 1975-1990. They held to buying us each one clothing item during a visit with them and they’d expect reimbursement from their DC!

My parent intervened about 5 years before they died and diversified their stocks and grandparents under slight duress [b]gifted all GC whatever the max amount was w/o tax implications. It was enough to put a down payment on our first home.
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Where on earth do you live that this could possibly be true?[/quote]

you can give $17,000/person/year without having to count towards your lifetime exemption, but you can give up to $13m/couple right now without paying taxes. After that, you’re subject to the estate tax. It’s likely that this PP just doesn’t know why the gifts were what they were and their parent just said something offhand and inaccurate about the “tax implications.”[/quote]

Thanks, I understand how estate taxes work.  :roll: That PP already replied that it was a $10k gift in 1999, which you might have seen if you weren't so busy schooling me with your vast knowledge on estate tax. [/quote]

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