116: Gifting Money: A Balancing Act in Financial Planning

Barenaked Money

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22d ago 33:27

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Navigating the Complexities of Intergenerational Wealth Transfer

In this insightful episode of Barenaked Money, host Josh Sheluk and Amanda McKenna, Associate Portfolio Manager at Verecan Capital Management, delve into the intricacies of intergenerational wealth transfer. The discussion covers crucial aspects such as ensuring one's financial stability before gifting, helping younger generations enter the housing market, and navigating evolving family dynamics. Key topics include the importance of communication to reduce conflicts, strategies for financial gifting, benefits of gradual distribution, tax implications, and potential legal issues of gifting property. The conversation highlights the necessity of involving financial advisors and maintaining updated wills for successful wealth transfers, providing listeners with practical advice and steps to ensure family harmony and effective asset management.

00:00 Introduction to Barenaked Money
00:29 The Great Wealth Transfer
01:40 Gifting Money to Adult Children: Key Considerations
02:31 Balancing Financial Support and Personal Goals
04:46 Generational Perspectives on Wealth and Real Estate
09:00 Family Dynamics and Financial Fairness
13:55 The Importance of Communication in Estate Planning
16:27 When is the Right Time to Gift?
17:33 Financial Maturity and Stability in Gifting
19:13 Gradual Gifting: A Practical Approach
20:47 Pros and Cons of Gifting Money vs. Estate
22:23 Tax Implications of Gifting
24:49 Gifting Assets: Legal Considerations
28:56 Updating Your Will and Final Thoughts on Gifting
31:40 Conclusion and Final Advice