'It’s not that writing your child a check is a bad thing ...But did it provide the joy you were hoping for? I’ll guess probably not.'
There are two times people can give money to their children — at death and during life. Thank you, Captain Obvious. But more often, I hear people saying that they’d like to give the money now rather than at death so they can experience the enjoyment of giving and seeing what a difference it can make in the lives of their children.
The problem with giving money to your children To be clear, when I say money, I mean any form of asset. This could be writing a check up to and beyond the federal gifting allowance of $15,000 per person or giving investments of some kind. This covers the majority of gifts I’ve observed through the years.
So, despite the fact that you might encourage them to do something “fun” with the money, they probably won’t. Being one of those prudent children, I know there are just too many competing priorities: retirement, saving for college, and plenty of other possibilities. So, it’s not that writing your child a check is a bad thing; you’ve further bolstered their financial situation, which is great.
They’ll get to spend a week with you which is precious at this stage of their life. They get to enjoy time with their family in a place they may never have ponied up the cash to go see because it wouldn’t be a “prudent” expense. I’ll bet they will think this is a lot cooler because who doesn’t like an all expense paid trip to go somewhere?For the record, your giving in this manner doesn’t have to be for travel. The possibilities are only limited by your imagination.
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