Gift money from trust
I have been helping my daughter here and thee since her divorce and the money is coming out of my retirement funds. Bad thing it’s income for me on income tax. What is your opinion on the gift money from a trust
Terry Says
I’m not sure I understand your question. You should NOT be taking money out of an IRA or other retirement account to help your daughter. Not only is it income to you, and taxable, but you’re destroying your own future retirement. And if you’re already retired and on Medicare, these withdrawals will increase your Medicare Part B and D premiums!
Your daughter is a grown woman. She will figure it out. And likely if she can’t, she won’t be there to help YOU in your retirement! If she wants to move in (and pay a little rent) that’s fine. But otherwise she needs to fund her own lifestyle.
Tough love, I know. But that’s why the flight attendants on a plane tell you to put on your own mask first!
