Reply to Would you buy your adult kid another car

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[quote=Anonymous][quote=Anonymous]It depends on how comfortable you are.  If you have plenty of money, [b]I’d gift each child a certain amount [/b]and the child who needs a car can use the money for that. [b] I would not buy one kid a car without doing something equivalent financially for the other kids[/b].[/quote]

+1.  If OP is in a position to do this, this is a great idea and kind of solves the problem about the car.  The IRS allows a gift of up to $19,000 to any individual with no gift tax.  If OP is looking to share their wealth with their children during the OP's lifetime, then this is a nice way to do it (give each child an equal amount each year).  Each of the 3 kids can decide how to spend the money (whether on a car or otherwise).

I am age 57 and my parents have been doing this each year for my brother and me (and each of our spouses) since 2000.  We plan to pass it on and do it for our own kids in the future, and we hope that they will do it for their own kids too.

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