Anonymous wrote:So what’s better for society?

Wealthy person A donates $50M to establish a school for underrepresented minorities to learn STEM, internships, etc OR paying $50M in estate taxes.

You can’t possibly imagine the government will be more efficient with those funds.

I agree there should be some estate tax, but the problem with society isn’t the families with 10-100m, it’s the families with tens of billions of more.

I would argue it’s more efficient for the government to incentivize charitable giving more than they currently do from a tax/estate plan. Congress is inept, thanks to Trump, its only gotten worse.

Anonymous wrote:Don’t have her pay $2k a month. You don’t want to have pay taxes on the “rent”. Just have her give you each up to the annual gift tax exclusion.

Anonymous wrote:Yes, you can afford the house, and good for you for taking care of your mother as she ages.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People all butt hurt about their mom contributing 2k but how is that any different than your parents gifting you the 15k annual exclusion, paying for grandkids college or private school, or ultimately inheriting their money when they die.

I don’t get why people frown on parents choosing to provide their adult children with money while they can enjoy. I would much rather be given money no while I’m raising a family than inherit millions when I’m already retired (assuming parents live into their 80s).

Total aside but I feel compelled to respond to this absurd comment.

I’m sure this is not any different than all of the other wealth transfer mechanisms you listed, but 1) MOST people do not receive ANY of those things, and 2) it is disgusting to me because until recently I was still laboring under the delusion that we are living in a meritocracy.

We need SERIOUS tax reform in this country. It should not be possible in the land of opportunity for this obscene family wealth hoarding to occur. If parents want to give their adult children tons of money fine, but those adult children should pay at least as high if not higher tax rate than us poor serfs who actually go out and EARN our money.

Your logic scares me. What gives you the right (entitlement) to someone else’s money? If my grandparents, parents or whoever, EARNED wealth, paid taxes on those assets, and planned according to current tax laws, what gives you the right to feel that these assets should be taxed even more. My grandparents
Were dirt poor, built a business and accumulated significant wealth through the good old American dream. So they pay for my college or kids college, help
With down payment..How is that not fair?

Stop being jealous and earn your wealth. If you want to give your kids 15k a year each, good for you! If you want to donate it to Uncle Sam, please be my guest.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:People all butt hurt about their mom contributing 2k but how is that any different than your parents gifting you the 15k annual exclusion, paying for grandkids college or private school, or ultimately inheriting their money when they die.

I don’t get why people frown on parents choosing to provide their adult children with money while they can enjoy. I would much rather be given money no while I’m raising a family than inherit millions when I’m already retired (assuming parents live into their 80s).

Total aside but I feel compelled to respond to this absurd comment.

I’m sure this is not any different than all of the other wealth transfer mechanisms you listed, but 1) MOST people do not receive ANY of those things, and 2) it is disgusting to me because until recently I was still laboring under the delusion that we are living in a meritocracy.

We need SERIOUS tax reform in this country. It should not be possible in the land of opportunity for this obscene family wealth hoarding to occur. If parents want to give their adult children tons of money fine, but those adult children should pay at least as high if not higher tax rate than us poor serfs who actually go out and EARN our money.

Your logic scares me. What gives you the right (entitlement) to someone else’s money? If my grandparents, parents or whoever, EARNED wealth, paid taxes on those assets, and planned according to current tax laws, what gives you the right to feel that these assets should be taxed even more. My grandparents
Were dirt poor, built a business and accumulated significant wealth through the good old American dream. So they pay for my college or kids college, help
With down payment..How is that not fair?

Stop being jealous and earn your wealth. If you want to give your kids 15k a year each, good for you! If you want to donate it to Uncle Sam, please be my guest.

Anonymous wrote:

Anonymous wrote:People all butt hurt about their mom contributing 2k but how is that any different than your parents gifting you the 15k annual exclusion, paying for grandkids college or private school, or ultimately inheriting their money when they die.

I don’t get why people frown on parents choosing to provide their adult children with money while they can enjoy. I would much rather be given money no while I’m raising a family than inherit millions when I’m already retired (assuming parents live into their 80s).

Total aside but I feel compelled to respond to this absurd comment.

I’m sure this is not any different than all of the other wealth transfer mechanisms you listed, but 1) MOST people do not receive ANY of those things, and 2) it is disgusting to me because until recently I was still laboring under the delusion that we are living in a meritocracy.

We need SERIOUS tax reform in this country. It should not be possible in the land of opportunity for this obscene family wealth hoarding to occur. If parents want to give their adult children tons of money fine, but those adult children should pay at least as high if not higher tax rate than us poor serfs who actually go out and EARN our money.

Anonymous wrote:

Anonymous wrote:People all butt hurt about their mom contributing 2k but how is that any different than your parents gifting you the 15k annual exclusion, paying for grandkids college or private school, or ultimately inheriting their money when they die.

I don’t get why people frown on parents choosing to provide their adult children with money while they can enjoy. I would much rather be given money no while I’m raising a family than inherit millions when I’m already retired (assuming parents live into their 80s).

Total aside but I feel compelled to respond to this absurd comment.

I’m sure this is not any different than all of the other wealth transfer mechanisms you listed, but 1) MOST people do not receive ANY of those things, and 2) it is disgusting to me because until recently I was still laboring under the delusion that we are living in a meritocracy.

We need SERIOUS tax reform in this country. It should not be possible in the land of opportunity for this obscene family wealth hoarding to occur. If parents want to give their adult children tons of money fine, but those adult children should pay at least as high if not higher tax rate than us poor serfs who actually go out and EARN our money.

Anonymous wrote:People all butt hurt about their mom contributing 2k but how is that any different than your parents gifting you the 15k annual exclusion, paying for grandkids college or private school, or ultimately inheriting their money when they die.

I don’t get why people frown on parents choosing to provide their adult children with money while they can enjoy. I would much rather be given money no while I’m raising a family than inherit millions when I’m already retired (assuming parents live into their 80s).

Anonymous wrote:Vomit. Sure you can because instead of paving your own way you're still relying on your parents.

Anonymous wrote:I’m going to disagree with PPs. OP is not “loaded” and taking in a 7k/mo mortgage, even with the mother’s contribution (it’s not really rent, it’s wealth transfer assigned as rent, and I’m actually not even sure calling it rent us the most tax advantageous plan, but anyway).

You are dual income. I don’t know how stable your jobs are or what percent of your incomes is a variable bonus, but I would be wary of taking on a mortgage you need both incomes to afford. There are lots of things that can come up with three kids, aging parents, and even your own health as you enter middle age. If one of you lost your job, had to go without your bonus, had to take a leave of absence, you will be looking at dipping into savings or having to make some tough choices around your kids schooling. You don’t want to be in that position.

I would look to limit your housing costs to something you could reasonably afford on one salary with about half your mom’s contribution. That will give you far more financial flexibility. At 40, you nay be stepping up in income sometime this decade, in which case you could feasibly upgrade. But at your current HHI I would not go up to a 7k mortgage yet.