As a parent it’s difficult to figure out exactly how much you want to help your children, especially as they get older and begin to navigate independence for the first time.
As a parent and an estate planning attorney, there are many important conversations and considerations to have in relation to how I might help my children while I’m around and when I’m not.
Most people today will retire while their children are in their thirties; even thought this means that the children will just be entering their prime earning years.
There are numerous financial pressures that might pop up, making it challenging for you to navigate your own retirement and making decisions about how best to help your children with the assets you have.
While accumulating wealth over the course of your life and planning for its future might have originally involved passing assets on to beneficiaries after you pass away, a gifting strategy can also incorporate opportunities for helping your children when they need it most.
Of course, this can be difficult for any family to evaluate and you have to arrive at a final gifting plan that works for you. Leveraging strategies that are in line with state and national tax considerations helps you to create a customized plan that's best for helping yourself and your loved ones.
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