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Many parents and grandparents want to be able to help their children, and do so while they’re alive rather than leaving a large inheritance. But there are tax implications and gifting rules to be mindful of. In this episode, co-founder and head of financial advice at Leeuwin Wealth Jason Featherby sits down with The Australian’s Wealth Editor Julie-anne Sprague to explain the tips, tricks and traps to helping your adult children financially. In today’s show we cover: -
Tax implications by gifting property to family members -
How to know if you’re financially secure enough to help the kids -
Why you should never close out your mortgage -
And why it might not be a good idea to be a secondary credit card holder See omnystudio.com/listener for privacy information. |