Quote:
Originally Posted by ScrimpAndSave
So I should trash the whole idea? Without his $50,000 - we could not afford the house at the time that he wants us to buy it.
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I have two concerns:
1. Any money he gives should be distributed equally between the kids. You shouldn't get $18,000 more than everyone else. That's asking for trouble.
2. He needs to be sure he can truly afford to give away all that money. If his portfolio is only $400,000 as you say, how can he possibly afford to give away $210,000 ($192,000 plus $18,000)? What is he living on now? Does he depend on his portfolio for income or is he depending on Social Security and maybe a pension? Leaving only $200,000 (or less) in his portfolio would only allow annual withdrawals for $8,000-$10,000 to ensure not running out of money during his lifetime.
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Steve
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