SENIORS: SHARING GENEROSITY WITH YOUR FAMILY NOW

Sep 6th, 2011 | By Dr Jerry D Elrod | Category: Senior Moments Blog

Do You Have Money to Share With Family?

“It’s my money and I need it now,” so goes the frequently repeated commercial.  And so is it so with many in our families, who find in the current economic slide that their own needs multiply while resources diminish.  Senior citizens everywhere are concerned about the financial needs of their loved ones.

Revisiting your own financial situation and security is a good way to ascertain whether and how you may be in a position to offer gifting to members of your family, whose circumstances may be such that they would benefit from such largesse.  To do so, you will need to be comfortable with the guidelines and implications of such gifting.  You may gift up to $13,000 annually per person without any gift tax being attached and no income tax to the recipient. While $13k doesn’t seem like a large sum, it could very well be the difference in making it over the hump.

Review Your Resources

Begin reviewing your portfolio.  Acquaint yourself with options for distribution of such resources.  Examine whom you believe in your family could benefit from such a gift.  Determine how you can be fair in such distribution, if there are those who do not need such an infusion of cash right now.  Let them know that their time will come, that this represents an early distribution motivated by need and circumstance.

Of course, if you have no children or circumstances requiring such assistance, you may want to review your charitable giving.  Particularly is this a pressing need facing organizations who deal with natural disasters, the unemployed, and other social and economic dynamics currently involving many.

Harboring your own resources in the event of some future need will be the major hurdle to determining if and how you are ready to gift.  However, if you are in a position to say no to yourself and yes to others, you may find the reward in having done so to be well worth it.



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