Helping Children by Gifting
As you enter elderhood, your thoughts naturally turn to your family and loved ones, including your children. Gifting can be a powerful way to support their financial well-being and leave a lasting legacy. This page explores the art of financial gifting and how it can impact your children’s future.
Regular Financial Gifts:
One way to provide ongoing support to your children is through regular financial gifts. By gifting them a certain amount at defined intervals, you can help cover their expenses, support education, or contribute to their financial security. Regular gifts of surplus income don’t suffer Inheritance Tax providing you can maintain your normal standard of living. There are also annual allowances and gifts for children and grandchildren on marriage.
Large Lump Sum Gifts:
For larger financial goals, such as purchasing a home or starting a business, you can consider gifting a substantial lump sum. There are specific gift tax rules to consider, but these large gifts can provide a significant boost to your children’s financial journey, and if given 7 years or more before death won’t be included in your estate for tax.
Gifting to support education is a common practice among parents and grandparents. Whether it’s funding a college education or contributing to a child’s educational fund, these gifts can alleviate the financial burden of pursuing higher education.
Inheritance and Estate Planning:
Gifting can also be part of your estate planning strategy. By transferring assets to your children during your lifetime, you can potentially reduce estate taxes and ensure a smoother transfer of your wealth.
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