Why this grandma gifted $100,000 a year to her grandchildren while she was still alive
Linda, a retired lobbyist, decided to gift $100,000 annually to her grandchildren while her mother, who has a substantial inheritance, is still alive. After managing her mother's finances and realizing the funds would be better utilized by the younger generation, she coordinated with her family to distribute the money. The arrangement has been successful, with the grandchildren using the funds for education, property, and travel.
- ▪Linda's mother inherited nearly a million dollars but was paying high taxes on it.
- ▪Linda and her family agreed to gift $100,000 annually to her four grandchildren.
- ▪The grandchildren have used the money for tuition, property down payments, and travel.
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Open this photo in gallery:Photo illustration by The Globe and Mail. Source: Getty ImagesShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountThe beneficiary: “Linda” is a 65-year-old retired lobbyist in Vancouver who’s been married for more than 40 years. She maintains similarly solid relationships in her close-knit family, especially with her sister. Between them, they have four university-aged children, who are blessed with a 90-year-old grandmother who’s alive and well and very generous. The inheritance: Upon her husband’s death 20 years ago, Linda’s mother – who with her husband came of age during the war, which prompted them to become keen savers – received a half a million dollars that she didn’t even know existed.
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