Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I was planning to give 100k to each kid. I have two. But one lives in a much more expensive state so I may have to give more like 200k. I wish I could give more to both but that's about my limit.

But how would you feel if your kid's spouse divorces them 5 years after your gift and keeps half of it?

Easy enough to write into a prenup.

However unless the trust/younprovide th e entire cost of the house and ongoing maintenance, the spouse is entitled to their portion they contributed towards for marriage

Anonymous wrote:Has anyone done this or are planning to? How much? We’re thinking of giving 100k to each kid. College is already done and paid for. Does 100k help enough or should we give more?

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Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:we set up brokerage accounts for our kids many years ago. each of three kids have about 300k right now. they can use it anyway they want. we are not giving any more or paying for their wedding. we are done

Our two have similar balances but we've told them it's for a downpayment. We'll contribute to weddings when the time comes, hopefully in the next 5-10 years. Otherwise, we are done with direct contributions. We plan to take them along on family vacations as long as they'll go with us.

pp you are responding to. your approach is similar to our approach. not paying for wedding is not money issue for us. we want them to be able to pay for themselves - "if you can't pay for your own wedding, you are not ready to get married" is our message. we stopped funding their accounts but rethinking whether we should restart.

This is very odd to me but to each their own I guess.

That’s a good way to not end up with grandkids.

Anonymous wrote:I was planning to give 100k to each kid. I have two. But one lives in a much more expensive state so I may have to give more like 200k. I wish I could give more to both but that's about my limit.

Anonymous wrote:

We have a kid who rents and will forever be single (by firm choice) and doesn’t give a rat’s ass if we help out her siblings who have made different choices. We’ve helped her out plenty and always will and she knows it. She’s quite happy knowing that her little nieces and nephews have nice places to live. I’m sorry to disappoint, but not every family on DCUM is dysfunctional.

We also have four kids and aren’t even a little bit dysfunctional - AND we try and keep it generally even between the kids when we are making financial gifts. My parents did the same and I think it has been a bonus that we never had to worry about introducing financial issues to our siblings relationships. Each of our kids will get the same amount of help with a down payment (and some will need it more than others), each gets the same amount at Christmas, etc. We will contribute around the same for each wedding. If someone never wants a house or wedding, they will at some point get a gift to keep things generally equal. They will inherit equally. I cannot imagine a twenty or thirty something who is rejoicing at how nice their nieces and nephews houses while not being provided similar support.

Anonymous wrote:

Anonymous wrote:This board is insane sometimes. Idk a single person whose parents helped them buy a house

Same. I’m 50 and still can’t afford a house. My kid got the benefit of a free college education. Now I need to save for my retirement.

Anonymous wrote:

Anonymous wrote:People here really love to humble brag about their wealth. Tone deaf, especially when so many people are struggling right now.

What an idiotic comment. Are you seriously saying bc someone can’t ask a question relevant to their situation bc others are worse off? A rising tide lifts all boats - the more successful I am, the more people I employ, taxes I pay, donate, etc. If a gift of a down payment can help someone get on the property ladder and move up, why not? OP, talk to your estate planner or wealth manager bc we were specifically given an amount we can “give” to each child annually w/o tax consequences. Each child has an account that is set up tax efficiently and will eventually be used for a down payment.

We have a kid who rents and will forever be single (by firm choice) and doesn’t give a rat’s ass if we help out her siblings who have made different choices. We’ve helped her out plenty and always will and she knows it. She’s quite happy knowing that her little nieces and nephews have nice places to live. I’m sorry to disappoint, but not every family on DCUM is dysfunctional.

Anonymous wrote:Keeping score, roughly, IS appropriate

Anonymous wrote:This board is insane sometimes. Idk a single person whose parents helped them buy a house

Anonymous wrote:

Anonymous wrote:We have four kids. We’ve paid for college and grad school for all, nice weddings for the three who got married, and yes provided down payment assistance to the ones who bought houses. In one instance, we even set up a private mortgage for one of the kids—where we were the lender—because they had just got out of college and landed a nice job and a great condo had just gone on the market at a good price right where they were going to work. They had the qualifying income but hadn’t been working long enough to qualify for a bank loan. A year or two later they refinanced and got a bank loan and paid us off.

The point is, you do what you can and adjust to the circumstances. Giving each kid a set $100k amount for a “down payment” is stupid—you wait and see what the actual need is and help then. And when doing it you don’t keep score.

Chances are someone is keeping score. I mean a kid who gets married and buys a house gets $150k or more and another kid who is renting and dating gets nothing? I don’t think it’s stupid to give the same amount to everyone whenever you are handing out these sums.