The great wealth transfer: what you need to know before gifting money

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:  Tax implications by gifting property to family members How to know if you’re financially secure enough to help the kids Why you should never close out your mortgage  And why it might not be a good idea to be a secondary credit card holder See omnystudio.com/listener for privacy information.