In this Episode of the Secure Your Retirement Podcast, Radon and Murs discuss things to consider when gifting and loaning money to children. There are tax and financial implications when it comes to gifting, but you can do it right when you understand all the legalities.

Listen in to learn the importance of understanding the purpose of gifting money to your kids to help you structure it and think of the implications. You will also learn how to navigate the legalities of loaning money or co-signing a house with your kids.

In this episode, find out:

• Understand the purpose of gifting money to your kids to help you structure it and consider the implications.
• Think about your own financial stability before gifting money to avoid becoming a liability.
• Think about the potential tax implications to you when gifting the money while still alive.
• Consider how to navigate the idea of estate planning, family dynamics, and your legacy.
• Why co-signing a house with your kid is the least desirable option for gifting money.
• How to navigate the legalities of loaning money to your kids to buy a house.
• Advantages of loaning money to your kids, plus the importance of having the right documentation in place.
• The different things to consider when it comes to gifting, transferring, or loaning your family.

Tweetable Quotes:

• "Exercise caution before presenting money as a gift, ensuring that you are certain it won't be spent, unless you are confident in having a predetermined amount set aside."- Radon Stancil
• “Although the act of giving can be rewarding and satisfying, it's important to carefully consider the various implications involved in gifting, transferring, or loaning to your family.”-Murs Tariq 

Resources:

If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!

To access the course, simply visit POMWealth.net/podcast.