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Nick Bruining Q+A: What are the flow-on effects of gifting $50,000 to your kids?

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Nick Bruining Q+A: What are the flow-on effects of gifting $50,000 to your kids?

I am 80 years old and would like to gift my children $50,000 each from my savings. Would that be classed as income for my children, and would they have to pay tax on it?

I am quite sure your children would welcome such a wonderful gift. Helping out your loved ones while you’re still with us has many benefits.



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