Uncle Max And Cash Gifting
By thearm at 11 October, 2009, 12:00 am
Every Christmas, for as long as I can remember, my uncle Max sent us a huge box full of brightly wrapped presents. My brother and I would check for it, at the Post Office, everyday, from the day after Thanksgiving, until the day it arrived. Uncle Max was way better than Santa Claus, he didn’t care if we were naughty, in fact, I think he got a real kick out of whatever mischief we made. And, he always picked the perfect gifts, for all of us, mom and dad too.
He still does, only now, it’s not just me, my wife and kids also eagerly await the Christmas box from Uncle Max. This year was different. Instead of a package, we each got a card, and a check for $10,000! While I was sitting there, looking at the check, my brother called, and informed me that, he, his wife, and my mother had also received checks from Max. Something was up.
We always had Christmas dinner at mom’s, and Uncle Max never missed one, so when he arrived, after big hugs all around, Max sat us down, and told us why he’d decided to give us so much money. It’s called cash gifting. I just found out about it, and it seemed to me to be the best way to share some of my success. I’ve always felt very lucky to be a part of a family like ours, and I can’t think of one good reason why all of you should have to wait for me to kick the bucket, before you can share in my good fortune. Also, he continued, with cash gifting you won’t waste any money on estate taxes, or lawyers. I made my money honestly, and paid my taxes, and it burns me up, that when I’m gone, you would have to pay taxes on that same money again. And, he concluded, you know how I feel about lawyers.
As usual, Uncle Max was right, and not just about lawyers. Cash gifting has been used for centuries as a way to share wealth, and cash gifting is approved by the IRS. You’re allowed to gift as many individuals as you like, up to $12,000 per calendar year, and those people don’t have declare it, or pay taxes on it. There’s only one catch, you can’t get, or ask for, anything in return, it has to be a true gift. Cash gifting, is an excellent way to share personal success with the people you love, and help them to be successful too.
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