Today’s Hack
You’ve worked hard, saved well, and now you’re thinking about giving back—maybe to your kids, your grandkids, or a cause you care about. But should you wait and pass that wealth on later, or give while you’re still around to enjoy the impact? Let’s talk about how to make that decision with confidence.
In this episode, Phil breaks down the gifting conversation from all angles: emotional, practical, and tax-related. He explains the growing trend of giving earlier in life to create memories, provide support during meaningful milestones, and experience the joy of giving firsthand. You’ll walk away with a clearer understanding of gifting limits and tax rules, along with practical examples on how to give intentionally without putting your retirement at risk.
Here’s some of what we discuss in this episode:
🎁 Why more retirees are choosing to gift now
💸 Understanding gift tax rules and exclusions
🏥 How direct payments for medical expenses avoid gift tax limits
🎓 Supporting education without triggering taxes
0:00 – Intro
1:54 – Put your “mask” on first
4:35 – Understand the rules
6:38 – Medical expenses and tuition
8:02 – QCDs
10:20 – Fairness, family, and keeping the peace
If you have any questions about what we discussed in this episode, reach out and we’ll be happy to set up a time to talk.
Get your copy of The Tax-Smart Retiree: https://www.thetaxsmartretireebook.com/welcome