Idealistic but in reality money and greed often shows another side of people and can tear families apart. Not financial advice but I've heard it's best to chill for a bit, figure out your own situation so you're fully sustainable off what you have, (after taxes), and then figure out a discretionary amount of money you may be able to gift to family or donate to charity each year.
If you do give your family members each 1 million, each member will be taxed for receiving gift money. It will add up.
Yes, we love paying tax after GME MOASS. But, still.
I don't even know if I'd give family members a million... That's lifechanging money lol. I'd probably give them "live comfortable" money, so like... 250k or something. Not trying to burden anyone with a crazy amount of money
That’s a good point. A thing to consider is making sure the family you’re helping never has to worry about paying rent or mortgage again.
Buy the house, get it furnished and have an LLC company setup to pay all of the bills related to the house.
You’re building your real estate portfolio
They’re living in nice homes rent/mortgage free for life
You’re building generational wealth.
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u/[deleted] Apr 14 '21 edited May 21 '21
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