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Bowl Leader
Conversation Starter
Rising Star
11/19 Thread (General):
This guy is legit 😂
Does your boss know your SO/spouse?
Rising Star
Bowl Leader
Conversation Starter
Rising Star
11/19 Thread (General):
This guy is legit 😂
Only “weird” to do it while out to eat and in front of people/guests.
Yea weird flex optics
It’s the IRA gift rules - $30k (well now $32k for 2022) per couple of couples split their gifts can be gifted tax free. In this case, your boyfriends parents are doing it right.
Conversation Starter
AA1, would prefer it being secret 🤫
Straight shocked by the number of people in the thread who are like sure…. $30k, yeah no big deal.
When you’re born poor, you’re born owing.
I pay my parents. It’s not the other way around. Never.
I find most of this app alienating, frankly.
Lmao at everyone playing it off like it's normal. No, this is not normal OP. That is a person's entire yearly salary. You have a right to be weirded out.
Pro
My parents only managed to save up 35k combined by retirement, and forced all us kids to borrow for college. Stories like this make me shake my head in disbelief. The idea that some people have so much money they want to strategically give it away, and that they're giving it to their adult kids who I assume have jobs and don't really need it, makes me feel like I'm on a different planet. I would be Completely weirded out OP. You're not alone.
What is this life even? The day I turned 14, I worked part time (babysitting and tutoring at first, then a job) and at 18, I paid rent to live at home, all my expenses and my dad even kept track of toothpaste he bought me and would settle accounts every month. Had student loans, no guarantor for first car (that I took the bus 1.5 hour each way to work and saved up for at 24), first apartment, college, first home, nothing! Never took a class for my SATs, was told to study on my own. My dad is a surgeon, so not like we were poor. Biggest gift I ever got was a refurb older model ipod in '06 for high school graduation.
Do people actually have parents like this?!?
Pro
My dad was also a doctor, even owned his own practice, but after I worked minimum wage to buy my first (very used) car, he couldn't afford to loan me $500 when the engine broke. It got towed away.
It must be niiiice
I’m tryna get liiike YOU, ma boi! 🙂
Seems like a weird flex to do it publicly and at dinner. I didn’t grow up rich, so WTF do I know.
Agree. My husband’s parents helped us with a down payment for a house but the dinner/envelope delivery is weird.
Will you help your kids if you have the means to and your retirement is secured ?
The gift limit before you eat into your lifetime exclusion is 15k so the parents together could give each kid 30k. Maybe the have more than they will ever need and want to give the kids some while they are young, instead of when the parents die and the kids are old also. Maybe it is a traditional to do it on the dad’s birthday? Just a guess
Pro
This is gift tax planning of some sort, most likely
Community Builder
Def gift tax planning, 100%. 30k is no coincidence.
Wow. As a son of a immigrant, I'm speechless
Indian immigrants in the US are wealthier and more educated than the average American.
A lot of folks in here don’t seem to understand how the gift tax exclusion works. You can gift your kids as much as you want and it won’t be taxed then. It just has to be reported to the IRS so they can track total federal estate taxes owed at death.
FP1 - that’s inaccurate.
enjoy it! most families couldn't begin to afford to do this
Quick follow up, OP :
1) does your bf have any unmarried siblings?
2) do you feel more motivated to say ‘yes’ after this experience?
Where’s your 30k?
@Amazon1 has the right idea! $30k is a watch collection, or one phenomenal watch
Pro
Better to give it now than after you’re dead
So true.
This is not normal for 99% of the US population, not even close. The delivery environment was questionable, but the practice of doing so makes sense. My kids are young, but I certainly hope and plan to be able to be generous with them when they are established adults. Can't take it with you.
Chief
Agree it is only normal for the 1%. Maybe occasionally for the 2%
It’s not uncommon. My parents send me money all the time even when i don’t need
I give my parents $200 a month. Not a lot I know but I still got loads of student loan debt and kids of my own. #immigrantchild
My parents have been doing this (gifting the IRS max amount per year) for my sibling and I for a number of years now. They determined they have more than they'll ever get through so wanted to start passing it on now. We get the checks at Christmas. But like others have said, in terms of the general population this is very not normal.
Many people here are saying that handing out cash is weird, but they all forget that this is dad's birthday party. For many people, the sense of ceremony for important event is very important. So giving money in large amount to help reduce estate tax is one thing, but to use the occasion to instill some sense of celebration, is totally normal to many people and it is understandable.
It's like why bother to dress up to show up at weddings or concerts, why spend tons of money decorating homes and yards for Christmas, why handing out red envelops with cash at Chinese New Year to family members, etc. etc.? It's all part of having a sense of ceremony for important occasions. The content is important, but the format is important too. As Marshall McLuhan said, "The medium is the message".
So thanks for the tip! - I am going to learn from this dad! In the future when I have to hand out money to my kids to avoid estate taxes (I am not there yet but in just a couple of years I will be at that financial state), I will emulate this dad.... I may not give all 30K in cash, so I will wire them 27K to their banks accounts, but will put 3K cash in each envelop and hand them out on my birthday or on a holiday, just for the heck of having some fun in seeing their stunning faces.
Pro
If it's your birthday why are they the ones receiving gifts?!