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06.26.08, 18:07 PM General Topics
20 replies
anyone with wealthy parents on? what do they give your dc (and how old is your dc)? for ex, do they help pay for education, give dc an annual gift, etc. [ Reply | Watch | Flag ]
General Topics 06.26.08, 06:07 PM Flag
 

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my parents aren't wealthy but they do have more than we do for sure - they set up an education fund for ds at birth and will do the same for the next one - they each give the max gift allowed to the fund every year; and they pay for our trips to visit them; gifts are probably the normal stuff, toys, books - are you looking for what your parents should do? [ Reply | More
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General Topics 06.26.08, 06:09 PM Flag
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op here. my father is very wealthy but has a nightmare wife who seems to greatly resent my beautiful 8mo. they have not gotten her ONE trinket gift yet (i'm talking not even a toy or piece of clothing). my dad seems to adore my baby, but he's out of it and lets his wife control everything, including finances. they recenly told me, with great fanfare, that they're going to give my dd $10,000/yr until she's 18--to be used for her college education. it's in a special account which she can only access when 18. you mention a "max gift allowed"--what is this? is it $10,000? i know that they can give a tax-free gift of $12,000/yr as well, and my dad had hinted that they would do this, but turns out they're not doing it. we could really use this extra money. i am not ungrateful--i really appreciate the college fund. but still, i am curious what other rich grandparents do. i fear my stepmother and her greed. they live like royalty while me & my sibs struggle... [ Reply | More
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General Topics 06.26.08, 06:15 PM Flag
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I think 12 is the current number they can give you without you having to pay taxes on it - but they can each give you 12K, and your dh 12K, and you dd 12K - so if you need $$, there's ways to get it to you - there's no reason for it to be in a special account; we use some of ours now for preschool while earning interest on the rest [ Reply | More
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General Topics 06.26.08, 06:28 PM Flag
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Wrong. Giftees never have to pay gift tax on gifts. Giftors pay all gift tax. [ Reply | More
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General Topics 06.26.08, 06:32 PM Flag
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they helped me & dh buy a house last year by "lending" me money. so now i owe my dad interest every year. the interest is about $22,000/yr, so he no longer gives me a gift, since they equal each other out. and he doesn't give my dh a gift either, though i know he can. this upsets me. but i don't know if i can bring any of this up with him because it's so hard to talk to him about money. he gets very defensive and emotional. he married this awful woman with no pre-nup to, so there's a good chance my sibs & i can't count on getting anything in the future. she is that conniving. and she has a son who i know she supports fully, and he's 37. [ Reply | More
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General Topics 06.26.08, 06:36 PM Flag
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They gave you money for a house, you aren't paying back so it is a gift. And they give dd $10K a year. That's quite generous in my book. What more do you want? [ Reply | More
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General Topics 06.26.08, 06:46 PM Flag
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np: it upsets you that your father doesn't give your dh money? WTF? You sound grossly entitled. And why do you care if your father and his wife have a pre-nup? How will it impact you? [ Reply | More
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General Topics 06.26.08, 06:52 PM Flag
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She is worried that her inheritance will be less if her father's wife gets a lot of his money, obviously. She would not think about actually supporting her family for a second. [ Reply | More
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General Topics 06.26.08, 06:55 PM Flag
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A pre-nup won't determine how her father's assets are distributed upon his death. That's what an estate plan is for. [ Reply | More
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General Topics 06.26.08, 06:56 PM Flag
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no gifts to a grandchild? that's just strange - but then dads aren't always as into the gift thing - why don'tyou try asking him for something? say, hey Dad, little Zoe would just love a something something - maybe that will trigger action [ Reply | More
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General Topics 06.26.08, 06:30 PM Flag
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$10K is the maximum contribution they can take as a state-income tax deduction for 529 plans. [ Reply | More
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General Topics 06.26.08, 06:31 PM Flag
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My mother is my nanny. She doesn't give many tangible gifts or give us cash, but she covers almost all of our childcare. This saves us a fortune and will enable us to pay for dc's education. [ Reply | More
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General Topics 06.26.08, 06:13 PM Flag
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not wealthy but MIL did set up 529s for each grandchild and put max in (I think $60K, which means she can't add any more for a total of 5 years, and if she dies before 5 years, then a portion of the money gets pulled back into her estate for tax purposes) [ Reply | More
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General Topics 06.26.08, 06:14 PM Flag
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my inlaws give each dc 22k per year as a tax free gift. [ Reply | More
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General Topics 06.26.08, 06:20 PM Flag
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they can give 24k now, fyi [ Reply | More
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General Topics 06.26.08, 06:28 PM Flag
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that sounds might generous. do they do other things too, likehelp pay for education? [ Reply | More
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General Topics 06.26.08, 06:32 PM Flag
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np: Man aren't you greedy. How about supporting your own kids? [ Reply | More
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General Topics 06.26.08, 06:47 PM Flag
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More than $22k per year, per dc? Heaven forbid the parents open their wallet or the dc take on any responsibility for their own educational expenses. [ Reply | More
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General Topics 06.26.08, 06:49 PM Flag
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we are very lucky. they also give regular presents, but don't pay for education or camp. [ Reply | More
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General Topics 06.30.08, 07:49 AM Flag
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Mine pay for education (just for us - my siblings have more money), my gym and give good christmas gifts. They also gift about 10K to each grandchild per year. They're really rich but they also want to spend it themselves. I don't blame them! [ Reply | More
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General Topics 06.26.08, 06:43 PM Flag
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