Is this wise?

[Big Black Dog]

I am seriously thinking about giving my two kids the biggest part of their inheritance in the near future. I'm not splitting up the farm or anything like that but I am thinking about giving each kid a large check of 6 figures. That way, when I kick the bucket, this won't be something that may come up in an argument. I haven't talked to my lawyer about it yet but do you think this would be a wise thing to do? The way I see it, if I go ahead and give it to them, they won't be hounding the wife after I'm gone or be overly concerned about what remains in the estate. Basically, everything will go to the wife except for some cash to the kids and a few personal things I specifically want each kid to have. With this out of the way, I'm thinking no hastles. What are your thoughts? I have a will that pretty much spells everything out but you know the shit that comes about when you croak. Thoughts?

 

[del]

talk to your lawyer. there are serious tax implications if you give such a large cash gift. also, you might want to keep in mind that you're probably going to live longer than you think and you may need that money that you want to give your kids now later on.

 

[Dr Grump]

I think it's a good idea myself. But as Del says, check out the tax implications. My grandmother turned 90 this year. For the past 10 years she has been giving my mother and aunty $27,000 every year (one year one mother gets it, the next my aunty). Under NZ law you can give $27,000 in cash gifts a year tax free. Be buggered if the govt is going to get it...

 

[del]

I think it's a good idea myself. But as Del says, check out the tax implications. My grandmother turned 90 this year. For the past 10 years she has been giving my mother and aunty $27,000 every year (one year one mother gets it, the next my aunty). Under NZ law you can give $27,000 in cash gifts a year tax free. Be buggered if the govt is going to get it...

here i think it's $12k/year tax free

good on your granny- a friend of mine's mother turns 100 this year

 

[Big Black Dog]

I think it's a good idea myself. But as Del says, check out the tax implications. My grandmother turned 90 this year. For the past 10 years she has been giving my mother and aunty $27,000 every year (one year one mother gets it, the next my aunty). Under NZ law you can give $27,000 in cash gifts a year tax free. Be buggered if the govt is going to get it...

here i think it's $12k/year tax free

good on your granny- a friend of mine's mother turns 100 this year

I think it's $12,500 isn't it? My best friend's mom died last week. She was 103. Died while playing a game of rummy!

 

[Ringel05]

Is this wise?

No, this is:

 

[Paulie]

I think it's a good idea myself. But as Del says, check out the tax implications. My grandmother turned 90 this year. For the past 10 years she has been giving my mother and aunty $27,000 every year (one year one mother gets it, the next my aunty). Under NZ law you can give $27,000 in cash gifts a year tax free. Be buggered if the govt is going to get it...

here i think it's $12k/year tax free

good on your granny- a friend of mine's mother turns 100 this year

That's relatively young in your circle, isn't it?

 

[del]

I think it's a good idea myself. But as Del says, check out the tax implications. My grandmother turned 90 this year. For the past 10 years she has been giving my mother and aunty $27,000 every year (one year one mother gets it, the next my aunty). Under NZ law you can give $27,000 in cash gifts a year tax free. Be buggered if the govt is going to get it...

here i think it's $12k/year tax free

good on your granny- a friend of mine's mother turns 100 this year

That's relatively young in your circle, isn't it?

i hang out with her because she calls me *kid*

 

[xotoxi]

talk to your lawyer. there are serious tax implications if you give such a large cash gift. also, you might want to keep in mind that you're probably going to live longer than you think and you may need that money that you want to give your kids now later on.

Good point.

If you give them more than $10,000 as a gift, it has to be taxed.

Then if you have a stroke and are gorked out and in a nursing home for 5 years, the state will likely make them pay that money back into your care...otherwise, they would see it as tax evasion.

But that won't happen.