The Best Gifts for Kids Who Aren’t Your Own: Erin Lowry
A common reaction to hearing about a pregnancy is to say congrats and perhaps send a onesie. But there are other ways to celebrate and support newly expecting parents.
When my sister-in-law announced her pregnancy last fall, my brain leapt to how my husband and I could save and invest for our future nephew. Savings bonds? Those feel like a relic of the past. A straight up check? Individuals can gift up to $15,000 to someone without triggering tax consequences. As a couple, that means you could gift $30,000.
As I’ve said before, there are plenty of reasons to pass on an inheritance early, especially to help build generational wealth in your family. This is particularly relevant for those who elect to stay child-free, but have nieces, nephews, godchildren and other young loved ones in their lives.
If you’re strategizing for the long term, here are the main options to consider.