Soliciting ideas for family estate planning & gifting funds to adult children?
My spouse and I just retired (age 65) with 2 adult working children renting with a girlfriend/boyfriend (no kids). We have a mortgage free house (about $600,000), and have about $1.4 million in the stock markets. My spouse and I also have a good indexed pension, and the pension income can cover all our annual expenses including vacations, with a net annual savings of about $50,0000 yearly and if we both can live till 80 years old, we should have about $750,000 net savings. And, if we do not gifting the funds to our children, the funds in the stock markets may double in 15 years to $2.8 million.
We are thinking of gifting our funds to our 2 adult children earlier rather than later when we die. We want to find out:
(1) the options of gifting the funds (condo downpayment, or outright purchase of the condo in my children's names, or in the names of me and spouse),
(2) tax minimization,
(3) how to prevent their girlfriend/boyfriend in sharing of our gifted funds in the condo downpayment or outright condo purchase when the condo title may include their girlfriend or boyfriend, because their relationship is uncertain.
Read more: How to gift funds to adult kids buy a house?
