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The Water Cooler
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Fund for great grand kids
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<blockquote data-quote="dennishoddy" data-source="post: 4207241" data-attributes="member: 5412"><p>It may have changed now, and hope it did. That college fund when our grandkids were young and wanted to set up a legacy for them was a use it or lose it. </p><p>They assumed the child would live and go to college. </p><p>Sadly stuff happens and they don’t make it to college age alive. I wouldn’t want to lose it. </p><p>Again that was 20 some years ago. It may be different now. </p><p>Up to now. As of 2024 tax code you can gift a relative $18,000 a year without them having a tax burden by accepting the gift. It doesn’t count as income. It just has to be declared as a gift. </p><p>Buying land or income property, putting it into a trust will pass to grandkids or children tax free as well. </p><p>Disclaimer: I’m not a tax expert. This information came from professional attorneys and CPA’s we have paid for to give us their advice after MIl passed away to fulfill her will. </p><p>Consult your own experts for your personal way to move forward.</p></blockquote><p></p>
[QUOTE="dennishoddy, post: 4207241, member: 5412"] It may have changed now, and hope it did. That college fund when our grandkids were young and wanted to set up a legacy for them was a use it or lose it. They assumed the child would live and go to college. Sadly stuff happens and they don’t make it to college age alive. I wouldn’t want to lose it. Again that was 20 some years ago. It may be different now. Up to now. As of 2024 tax code you can gift a relative $18,000 a year without them having a tax burden by accepting the gift. It doesn’t count as income. It just has to be declared as a gift. Buying land or income property, putting it into a trust will pass to grandkids or children tax free as well. Disclaimer: I’m not a tax expert. This information came from professional attorneys and CPA’s we have paid for to give us their advice after MIl passed away to fulfill her will. Consult your own experts for your personal way to move forward. [/QUOTE]
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