I plan to do this when my kids are older but I plan on going on the vacation with them.What a great plan. Love it.We choose to gift travel to our adult children and their families.
Our two "children" are in their 40's, each have a spouse and children & step-children. Both families live far away from us so we don't get to spend a lot of time with them as they have their own lives to live.
Each year we gift each family with a trip anywhere in the world. Sometimes they choose to go on the same trip, but mostly each family wants their own trip. So far both families have been to both Alaska and Hawaii, have taken lots of cruises, have been to many national parks, and we traveled through 5 countries in Europe with one family this past year. The benefit is that we get to spend time together and make memories with our children and grandchildren. At the same time they remain responsible for managing their personal finances and lifestyle choices, so we aren't robbing them of some of the tough decisions in life.
This is in addition to 529 funding of $50K over the first 5 year's of each grandchild's life. As we eye the prospect of having to pay Estate Taxes we will likely begin making additional cash gifts within the annual gift exclusion limit.
Statistics: Posted by barberakb — Sat Dec 14, 2024 10:54 am — Replies 76 — Views 6117