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nikki6
New Orleans Saints Fan
New Orleans
Member since Jul 2011
1952 posts

Friend gave his daughter $275k when she graduated college.

I was talking to a buddy who's 22 yr old recent college grad just bought a house. I commented that her first job must be paying really well. He said it was b/c he gave her $275k when she graduated college. I was like what?!? This guy does alright, but not $275k laying around alright.

He said she got into Metairie Academy when she was 4 and saved him 12 yrs of Catholic school tuition (she progressed through JP's magnet system). Got a full ride to SMU as well. He said he saved what he would have paid for her education in an account in her name. When she graduated SMU, he told her she had this money.

I actually think this is an awesome idea if the parents' can swing it. Catholic schools cost like $7k a yr now. College, even state schools, aren't cheap.

What a great gift to his kid.


CatfishJohn
LSU Fan
Member since Jun 2020
7314 posts
 Online 

re: Friend gave his daughter $275k when she graduated college.
quote:

He said she got into Metairie Academy when she was 4 and saved him 12 yrs of Catholic school tuition (she progressed through JP's magnet system). Got a full ride to SMU as well. He said he saved what he would have paid for her education in an account in her name. When she graduated SMU, he told her she had this money.


What an amazing dad. Awesome.


GreatLakesTiger24
LSU Fan
Louisiana
Member since May 2012
46047 posts
 Online 

re: Friend gave his daughter $275k when she graduated college.
kids need to build character and earn in themselves like we did! do they not care about being independent anymore?


brewhan davey
USA Fan
Audubon Place
Member since Sep 2010
30730 posts
 Online 

re: Friend gave his daughter $275k when she graduated college.
Talk about motivation to succeed!


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461
kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
93159 posts

re: Friend gave his daughter $275k when she graduated college.
Yeah, sounds like he managed it well, and got fortunate with her abilities and had a great gift for her.

Now if she blows it on coke and an entourage, then he made a bad move giving her cash.


Rouge
USA Fan
Public Enemy #1
Member since Oct 2004
134448 posts
 Online 

re: Friend gave his daughter $275k when she graduated college.
I would want that money working for me in a different way, but to each their own.


tiggerthetooth
US Space Force Fan
Big Momma's House
Member since Oct 2010
52413 posts
 Online 

re: Friend gave his daughter $275k when she graduated college.
Also good that she used the money for something worthwhile with a long term mindset. A lot of 22 year olds would blow that on stupid short term stuff or depreciating assets like cars.


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423
SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
385877 posts

re: Friend gave his daughter $275k when she graduated college.
quote:

Friend gave his daughter $275k when she graduated college.

At first I was like...

quote:

He said she got into Metairie Academy when she was 4 and saved him 12 yrs of Catholic school tuition (she progressed through JP's magnet system). Got a full ride to SMU as well. He said he saved what he would have paid for her education in an account in her name. When she graduated SMU, he told her she had this money.

But now I appreciate this wholesome content on a Friday


LSUBoo
Houston Astros Fan
Knoxville, TN
Member since Mar 2006
92659 posts

re: Friend gave his daughter $275k when she graduated college.
Talk about highlighting the absurd costs of private schools.


TigerV
Member since Feb 2007
2181 posts
 Online 

re: Friend gave his daughter $275k when she graduated college.
Great idea, but going to be one hell of a tax bill. Hope he talked to an accountant about how to do this over the entire time period to reduce the taxes


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Napoleon
New Orleans Saints Fan
Kenna
Member since Dec 2007
63725 posts

re: Friend gave his daughter $275k when she graduated college.
Ours were in the magnet system but they wanted to go to catholic school.
I can see how someone could better save without that tuition.


Ash Williams
LSU Fan
South of i-10
Member since May 2009
17451 posts

re: Friend gave his daughter $275k when she graduated college.
Maybe CPAs on here can address this, but would he have to pay a gift tax on every dollar over $15k?



BengalBen
LSU Fan
Midwest
Member since May 2008
1948 posts
 Online 

re: Friend gave his daughter $275k when she graduated college.
He’s paying his room and board for when he’s old and doesn’t want to be placed in a nursing home.


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391
SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
385877 posts

re: Friend gave his daughter $275k when she graduated college.
quote:

Great idea, but going to be one hell of a tax bill.

I think the daughter can just basically put this towards her inheritance and deal with it during the succession. You just have to fill out a form.


TJack
BR
Member since Dec 2018
247 posts
 Online 

re: Friend gave his daughter $275k when she graduated college.
Our oldest just got accepted into magnet program. It will save us $56k over the next four years vs Catholic school tuition.


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151
Oilfieldbiology
LSU Fan
Member since Nov 2016
27410 posts
 Online 

re: Friend gave his daughter $275k when she graduated college.
quote:

Catholic schools cost like $7k a yr now


Not high schools


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200
LSUBoo
Houston Astros Fan
Knoxville, TN
Member since Mar 2006
92659 posts

re: Friend gave his daughter $275k when she graduated college.
quote:

Maybe CPAs on here can address this, but would he have to pay a gift tax on every dollar over $15k?


If he was slowly over 20 years putting into an account in her name, maybe not?


TulaneUVA
Virginia Fan
Member since Jun 2005
25414 posts

re: Friend gave his daughter $275k when she graduated college.
Wonder how he saved that money (e.g., savings account, investments, and/or a 529).

Wife and I debated 529 account a lot. Like what if the kids gets a full ride and we have to eat the penalties for withdrawing it.


philly444
LSU Fan
stuck in contraflow
Member since Nov 2008
9597 posts
 Online 

re: Friend gave his daughter $275k when she graduated college.
Their white privilege is showing


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151
DarthRebel
Ole Miss Fan
Tier Five is Alive
Member since Feb 2013
16683 posts

re: Friend gave his daughter $275k when she graduated college.
The sad part of the story is you all choose to live somewhere you have to pay for private school.

That is a Southern thing that has always been weird and you accept it.



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