In today’s challenging and expensive economic environment, many young adults in their 20’s and 30’s are struggling to find stable footing when it comes to their finances.

Whether that’s struggling to find that perfect career that can help them pay off their student debt, saving enough for a downpayment on a first home, or having extra cash each month to pay for childcare. 

These common issues are causing many parents in retirement to rethink their own situation by contemplating whether or not they should step in to help, and if so, how?

 

More specifically, I discuss:

• How to go about making the decision to help your children out financially from your own retirement resources
• Gifting and seeing your kids benefit from financial help while you’re alive, or let them inherit your wealth at death
• Potential financial and tax ramifications of gifting your children money or assets vs. inheriting
• Important things to consider before making the decision to help your children out financially
• Real-life case study of a retired couple with 4 children

Resources:

• Access Show Notes and Sign Up for the Retired·ish Newsletter HERE
• Free Retirement Jump-Start Analysis 
• Ask Cameron A Question!

  

Key moments are:

02:37 Case Study of retired couple wanting to help children financially

04:55 Capital gains implications and cost basis

07:45 Child daycare for grandchildren, downpayment for a bigger home

10:50 What to consider when deciding whether or not to gift children money

15:01 Consider family dynamics, fair inheritance, and taxes

18:50 Assessing your children’s “wants” vs. their actual “needs” and strategies to preserve wealth