I hope the kids appreciate what the Bank of Mom is doing for them and don't just feel entitled. Had my parents offered to help me in that way, I'd like to think I'd have refused if I knew they were putting it on a HELOC that they would need to pay back with interest. Perhaps her kids don't understand. I hope the best for Carol. I can't help but think the change to a seasonal part-time job might be related to the emotional challenges of losing a spouse. If Carol is struggling with grief I hope she is getting the support everyone in her situation needs. If she isn't, I hope she seeks it.
Thank you , Jill & Tom. Found you about a week ago, and today you covered 2 things I needed. Gift Tax, Rec'd an awesome gift from my son, and want to ensure he gets the forms to his CPA, Asset allocation,I have some Roth$ in a pvt placement which is due to start paying dividends this yr or early '25. I want to move those div into my Vanguard Roth, Your quick cover of AsstAllocation helps.
I didn't. It didn't feel good as all the other parents were. I just followed my Dad's lead and let my kids make their way on their own. He had nine kids but I was a single mom and felt it was too much of a stretch. They do resent it
Yes. Yes. You should! If u can afford it! Oi. Holy shit. 200 k heloc for kids down payment. My mom helped me but it was cash and was drop in bucket for her This lady loves her kids!
@@princesskaitlinhazelwood4703 Heloc's are kinda scary, this lady does have some money obviously, but would hate to have my parent go into debt for me.... Spoken from someone who will be paying off his mom's heloc at some point here haha
@windycitybeats6724 right, but she didn't say she was gonna move ALL that money at once. If she moved $60k or $100k or whatever a year, she could also take some additional distribution to pay taxes. Was a bit confusing?
Yes. But, we have to be mindful she has another 25/30 years of life. Also, if she needs to go to assisted living or a nursing home, those are 9k to 15k per month is something States.
Dude… is she really asking about a 100k gift for her daughter while she has like 3-4mil? My people dude we don’t ask these questions we just buy our kids the whole damn house loll crazy
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I hope the kids appreciate what the Bank of Mom is doing for them and don't just feel entitled. Had my parents offered to help me in that way, I'd like to think I'd have refused if I knew they were putting it on a HELOC that they would need to pay back with interest. Perhaps her kids don't understand.
I hope the best for Carol. I can't help but think the change to a seasonal part-time job might be related to the emotional challenges of losing a spouse. If Carol is struggling with grief I hope she is getting the support everyone in her situation needs. If she isn't, I hope she seeks it.
Thank you , Jill & Tom. Found you about a week ago, and today you covered 2 things I needed. Gift Tax, Rec'd an awesome gift from my son, and want to ensure he gets the forms to his CPA, Asset allocation,I have some Roth$ in a pvt placement which is due to start paying dividends this yr or early '25. I want to move those div into my Vanguard Roth, Your quick cover of AsstAllocation helps.
Many housing markets in the US have 35%+ buyers using all cash. How many are parents making a gift?
I didn't. It didn't feel good as all the other parents were.
I just followed my Dad's lead and let my kids make their way on their own. He had nine kids but I was a single mom and felt it was too much of a stretch.
They do resent it
That's too bad, single parents are amazing. I'm sure you bent over backwards to raise your kids.
I believe the research say a lot of people borrow too much when they have a larger deposit gifted or lent to them & end up in more financial trouble.
Yes. Yes. You should! If u can afford it!
Oi. Holy shit. 200 k heloc for kids down payment. My mom helped me but it was cash and was drop in bucket for her
This lady loves her kids!
The heloc breaks my heart a bit
I hear you. I think if you need a heloc, you probably can’t afford to help these kids. Why can’t these kids work longer or buy a simpler house
@@princesskaitlinhazelwood4703 Heloc's are kinda scary, this lady does have some money obviously, but would hate to have my parent go into debt for me.... Spoken from someone who will be paying off his mom's heloc at some point here haha
Those are some lucky kids
9:32 i dont understand when jill said you need money outside to pay for the roth conversion?
If you convert IRA to Roth, you gotta pay taxes, all the cash moved from the IRA to Roth so now you gotta pay the tax out of your own pocket
@windycitybeats6724 right, but she didn't say she was gonna move ALL that money at once. If she moved $60k or $100k or whatever a year, she could also take some additional distribution to pay taxes. Was a bit confusing?
Why shouldn't she take the money from the Roth and avoid next year's tax bill?
she has $2.5M in retirement... she can give them some money.
Yes. But, we have to be mindful she has another 25/30 years of life. Also, if she needs to go to assisted living or a nursing home, those are 9k to 15k per month is something States.
Bonds aren't dead ?
Encumbering your own home to lend to a family member for their property financing is not a good move.
Dude… is she really asking about a 100k gift for her daughter while she has like 3-4mil? My people dude we don’t ask these questions we just buy our kids the whole damn house loll crazy
Why did the compound add this? This is a horrible show
Speak for yourself. Jill rocks and I learn so much from this.
Pull your head out of your ass. Jill is easily the greatest asset to The Compound.
I ❤ Jill on Money! Always a straight shooter 🎉
Weird comment, how 20 minute video has probably provided more value than anything you've put on the internet
This is the real tax planning bro 😂 different from looking at charts but very valuable to know