How to be generous to family and yourself
Sharing with loved ones is the theme of the season. Giving to children and grandchildren is an important financial priority that surfaces around the holidays. Often, we want the next and future generations to have a better and easier life than we’ve had. This can take the form of bequests to heirs, but extended periods of unemployment, volatile incomes and other difficult economic circumstances among younger generations are inspiring numerous older individuals to give assets during their lifetimes, when there is a need and while the giver can see it being enjoyed.
But it’s also important to make sure that your generosity doesn’t jeopardize your own financial security. After all, you’ve planned carefully for your own retirement, and financial gifts you make now can reduce the assets you have to rely on later in life. How can you manage these competing priorities? With open communication and an awareness of tax implications, you may be able to provide the help you want to give in a way that works for the recipient and you.
Assess your situation: Secure your own oxygen mask first before assisting other passengers is an instruction every frequent flyer knows by heart. It also applies to your finances.
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