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re: Elderly family member asked me for advice on what to do with his money.
Posted on 10/10/13 at 10:53 am to nelatf
Posted on 10/10/13 at 10:53 am to nelatf
Ya, its pretty hard to give advice on what to do with money if the person with it doesn't share what he wants to do with it.
If he wants to pass it on, I'd imagine the first thing he should do is start maxing out his annual gifting exemption.
If he wants to pass it on, I'd imagine the first thing he should do is start maxing out his annual gifting exemption.
2
Posted on 10/10/13 at 11:49 am to Teddy Ruxpin
quote:
annual gifting exemption
for sure this
If he's solely looking for income though, just buy some high dividend stocks. For short term it makes sense if he doesn't care what happens to principle investment.
Posted on 10/10/13 at 12:08 pm to Teddy Ruxpin
quote:
If he wants to pass it on, I'd imagine the first thing he should do is start maxing out his annual gifting exemption.
depends, is the amount he has less than than 5 million threshold for estate taxes, if so keep his money and let the kids or whoever fight it out after he is dead and gone and for sure will not need it any more
I agree with above, just keep it in CD's, at his age he needs no risk, and making extra money is not going to really benefit him, play it safe
This post was edited on 10/10/13 at 12:09 pm
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