All Knowing Board......

[marshall23]

I could use some advice. As many know, I lost my wife 13 years, 5 months and 26 days ago. For a variety of reasons we never moved up from out "starter home." Children, college etc. Always seemed prudent to stay with what we could comfortably afford and take care of other priorities. When she was diagnosed with cancer (boys finally thru college) we were still looking for the home that we could welcome all our grandchildren (unborn) home to for the holidays. When I lost her, our boys were 26 and 28 and I am so glad to say she was a stay at home Mom. So her years were short but her impact was profound.
When she passed I was 59 , Iwas retired just 3 months. I didn't want to make any major decisions, stayed put and got offered an opportunity to go back to work. All this made sense since who wants to do all the things one dreams of in retirement alone? I've made good on my promise to pay off our boy's college loans.
Today I made a handshake agreement to sell my home of 46 years. If the sale goes thru, I want to give a portion to my sons. I just looked up how much I can "gift them" and it says 17 thousand a year.
I assume that is the limit before a gift tax. Any advice? That seems ridiculous.

 

[s1uggo72]

I could use some advice. As many know, I lost my wife 13 years, 5 months and 26 days ago. For a variety of reasons we never moved up from out "starter home." Children, college etc. Always seemed prudent to stay with what we could comfortably afford and take care of other priorities. When she was diagnosed with cancer (boys finally thru college) we were still looking for the home that we could welcome all our grandchildren (unborn) home to for the holidays. When I lost her, our boys were 26 and 28 and I am so glad to say she was a stay at home Mom. So her years were short but her impact was profound.
When she passed I was 59 , Iwas retired just 3 months. I didn't want to make any major decisions, stayed put and got offered an opportunity to go back to work. All this made sense since who wants to do all the things one dreams of in retirement alone? I've made good on my promise to pay off our boy's college loans.
Today I made a handshake agreement to sell my home of 46 years. If the sale goes thru, I want to give a portion to my sons. I just looked up how much I can "gift them" and it says 17 thousand a year.
I assume that is the limit before a gift tax. Any advice? That seems ridiculous.

Well actually you can give them whatever you want. When you pass they may audit your estate. As of now you can pass up to $13 million estate tax free. So unless your estate is close to $13 mil I’d give what you want. At worse when they audit your estate , which is highly doubtful , they will just reduce your unified credit by the amount of the gift ex. My estate is $5 mil, I give my kids $1 mil now what are the taxes? None due now, none on deaths. Now that $13 mil is subject to change depending on who is in control
It’s called your ‘ unified credit’. Search it.
And don’t forget if u are worried about the $17,000 number that’s per person. So u can give that to your son, their spouse, their kids etc. hell you can even give it to the footballer coach you don’t like !!

 

[Connorpozlee]

I could use some advice. As many know, I lost my wife 13 years, 5 months and 26 days ago. For a variety of reasons we never moved up from out "starter home." Children, college etc. Always seemed prudent to stay with what we could comfortably afford and take care of other priorities. When she was diagnosed with cancer (boys finally thru college) we were still looking for the home that we could welcome all our grandchildren (unborn) home to for the holidays. When I lost her, our boys were 26 and 28 and I am so glad to say she was a stay at home Mom. So her years were short but her impact was profound.
When she passed I was 59 , Iwas retired just 3 months. I didn't want to make any major decisions, stayed put and got offered an opportunity to go back to work. All this made sense since who wants to do all the things one dreams of in retirement alone? I've made good on my promise to pay off our boy's college loans.
Today I made a handshake agreement to sell my home of 46 years. If the sale goes thru, I want to give a portion to my sons. I just looked up how much I can "gift them" and it says 17 thousand a year.
I assume that is the limit before a gift tax. Any advice? That seems ridiculous.

No advice Marshall. I will say that I would ask them first. I wouldn’t have accepted money from my father. They may feel the same.

 

[pamdlion]

I could use some advice. As many know, I lost my wife 13 years, 5 months and 26 days ago. For a variety of reasons we never moved up from out "starter home." Children, college etc. Always seemed prudent to stay with what we could comfortably afford and take care of other priorities. When she was diagnosed with cancer (boys finally thru college) we were still looking for the home that we could welcome all our grandchildren (unborn) home to for the holidays. When I lost her, our boys were 26 and 28 and I am so glad to say she was a stay at home Mom. So her years were short but her impact was profound.
When she passed I was 59 , Iwas retired just 3 months. I didn't want to make any major decisions, stayed put and got offered an opportunity to go back to work. All this made sense since who wants to do all the things one dreams of in retirement alone? I've made good on my promise to pay off our boy's college loans.
Today I made a handshake agreement to sell my home of 46 years. If the sale goes thru, I want to give a portion to my sons. I just looked up how much I can "gift them" and it says 17 thousand a year.
I assume that is the limit before a gift tax. Any advice? That seems ridiculous.

Believe the limit on gift per year is $17,000 for 2023. That is per person. If they are married you could also gift $17,000 to their spouse, grandchildren etc.

Make you sure to treat yourself too. I’m sure deserve it.

Gift Tax Limit 2025: How Much Money Can You Gift?

You only pay the gift tax if you exceed the lifetime exclusion, and that only happens if you exceed the annual exclusion. Here's how it works.

smartasset.com

 

[NittPicker]

Delete. Covered above.

 

[marshall23]

Believe the limit on gift per year is $17,000 for 2023. That is per person. If they are married you could also gift $17,000 to their spouse, grandchildren etc.

Make you sure to treat yourself too. I’m sure deserve it.

I'm very fortunate to have a solid pension and SS in addition. But thank you. In addition I am well compensated for a part time job running an 18 school athletic conference.

 

[91Joe95]

I could use some advice. As many know, I lost my wife 13 years, 5 months and 26 days ago. For a variety of reasons we never moved up from out "starter home." Children, college etc. Always seemed prudent to stay with what we could comfortably afford and take care of other priorities. When she was diagnosed with cancer (boys finally thru college) we were still looking for the home that we could welcome all our grandchildren (unborn) home to for the holidays. When I lost her, our boys were 26 and 28 and I am so glad to say she was a stay at home Mom. So her years were short but her impact was profound.
When she passed I was 59 , Iwas retired just 3 months. I didn't want to make any major decisions, stayed put and got offered an opportunity to go back to work. All this made sense since who wants to do all the things one dreams of in retirement alone? I've made good on my promise to pay off our boy's college loans.
Today I made a handshake agreement to sell my home of 46 years. If the sale goes thru, I want to give a portion to my sons. I just looked up how much I can "gift them" and it says 17 thousand a year.
I assume that is the limit before a gift tax. Any advice? That seems ridiculous.

Just send me the money and I'll take care of it for you.

Actually, dispersing your estate while still living makes sense for a variety of reasons.

 

[BW Lion]

Today I made a handshake agreement to sell my home …

I’m almost at a loss for words.

 

[mfb5053]

I’m almost at a loss for words.

Always helpful