My father worked hard his entire life, invested wisely, and saved a considerable amount of money. When he passed away, my mother inherited a sizable estate, which eventually, was to be passed on to the rest of the family. Unfortunately, she was surprised how much of Dad's money went to taxes and lawyers, at the time of his death. To eliminate burdening us with these expenses, when she leaves us, after careful consideration, and on the advice of her accountant, she decided cash gifting was the solution.
Cash gifting is a way of reducing the size of your estate, and the estate tax burden on your heirs. You're allowed to gift as many people as you like, up to $12,000 per calendar year, and those people don't have to declare, or pay taxes on that money. Cash gifting has been a method of wealth sharing for centuries, and here in America, is approved by the IRS, on the condition that it is a true gift, with no strings attached, which means, you can't expect or demand anything in return from the person you gift.
The benefits of an annual, tax free, addition to our family income, have given us the financial
stability, to ensure our children a good education, health care, and the other necessities of modern life. Cash gifting, also allows my wife and I to travel, without putting a big dent in our bank account, and has given us the opportunity to invest substantial amounts in our retirement plan, and when that time comes, we will share the money with our children, and grandchildren, by cash gifting.
My mom and dad wanted the best for us, family always came first, and my brothers and I grew up in a happy, loving, environment. They set a great example, and we learned a lot from them, which I hope we've passed on to our children. One of the most important things my parents taught us, was how to handle money. How to get, keep, and spend money wisely, is sadly, a skill too many people, these days, never learned how to do. Money is a tool, and used properly, can improve your life, and I think my kids have learned that lesson. How they spend the money they receive from their grandmother every year, is up to them, and so far, they've been making good decisions.
If my dad could see us now, I think he'd be proud of the way we're using his estate to better our lives, and very proud of my mother, whose decision to start cash gifting, has helped us all.
Author Resource:-
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