Giving Gifts to Grandchildren Without Wrecking Your Own Financial Future or Creating a Sense of Entitlement
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Q. I have six grandchildren -- three from each of our two daughters. They live close by so I see them often and adore every one of them. I am not getting any younger and have some money I’d like to gift to them now, while I am still alive, so I can see them enjoy it. What is the best way to figure out how much I can afford to give and to give gifts without creating a sense of
entitlement? Please also discuss any tax and Medicaid planning implications of giving money to them now. Thanks for your help!
Critter Corner: Teaching Grandchildren about Finances
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Dear Oakley,
I’ve been thinking about gifting money to my grandchildren. Before I do so though, I’d like to teach them about financial responsibility. As a financial planner who works with seniors and their loved ones, how do you suggest I do so?
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