The great wealth transfer: what you need to know before gifting money
The Money Puzzle · The Australian
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Show Notes
Many parents and grandparents want to be able to help their children, and do so while they’re alive rather than leaving a large inheritance. But there are tax implications and gifting rules to be mindful of.
In this episode, co-founder and head of financial advice at Leeuwin Wealth Jason Featherby sits down with The Australian’s Wealth Editor Julie-anne Sprague to explain the tips, tricks and traps to helping your adult children financially.
In today’s show we cover:
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Tax implications by gifting property to family members
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How to know if you’re financially secure enough to help the kids
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Why you should never close out your mortgage
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And why it might not be a good idea to be a secondary credit card holder
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