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Parents buy investment property to sit on.

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The IRS has limits on how much you can gift family members. I would guess that this house is an investment property for the parents. If the kids happen to live in it for the rest of their parents lives would be just a coincidence. After all someone has to take care of the place.

It's up to around $12M lifetime individually, which is a good thing. Shouldn't be a death tax at all but sigh. Moving real estate to your kids is very smart long term investing in your family.

GAC06 said:

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Smells like jealousy in here

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Ocho Ag said:

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My Uncles neighbor just sold their 1.3MM house to a 26 & 27 year old couple(parents have money and bought them a house), do rich people just spoil their kids now a days?

How is this any different than some broke millennial living in a basement playing video games all day

Is work ethic gone?

End of Rant


https://www.businessinsider.com/millennials-living-at-home-as-an-adult-2023-1

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You posted two completely different concepts.

The kids who were gifted the house still have to look after the upkeep and maybe even pay the taxes.

The kid who lives with their parents is probably responsible for cleaning their room and probably doesn't even do that.

Is it the sticker price you're unhappy about? Because I'm about two months away from putting my 1250 sq. ft. post-war house on the market for about $1.2M.

Hopefully there will be a couple looking for a nice small home who will pony up that kind of cash so I can move my ass to Texas. I'm looking for a step up from some of the single wides and double wides I lived in growing up.

HollywoodBQ said:

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Ocho Ag said:

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My Uncles neighbor just sold their 1.3MM house to a 26 & 27 year old couple(parents have money and bought them a house), do rich people just spoil their kids now a days?

How is this any different than some broke millennial living in a basement playing video games all day

Is work ethic gone?

End of Rant


https://www.businessinsider.com/millennials-living-at-home-as-an-adult-2023-1

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You posted two completely different concepts.

The kids who were gifted the house still have to look after the upkeep and maybe even pay the taxes.

The kid who lives with their parents is probably responsible for cleaning their room and probably doesn't even do that.

Is it the sticker price you're unhappy about? Because I'm about two months away from putting my 1250 sq. ft. post-war house on the market for about $1.2M.

Hopefully there will be a couple looking for a nice small home who will pony up that kind of cash so I can move my ass to Texas. I'm looking for a step up from some of the single wides and double wides I lived in growing up.

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We have enough of you island Mexicans here!

$240 Worth of Pudding said:

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"You want your inheritance.now, or you wanna wait until we're dead?"

I've seen this happen before.

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Username checks out

Ol_Ag_02 said:

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There's not an insignificant amount of young parents, mom doesn't work, moving in around here. 1.1 -1.3MM houses. I'm convinced it's like the other poster said. Parents giving extensive down payments. That way they get to watch their kids enjoy the fruits of their labor while they're alive.

Honestly. Not a terrible idea. I'd rather be alive to see my kids enjoy what I pass down to them. It's my money, why not.

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You only need a household income of around 200k to comfortably afford a million dollar home if you don't have a bunch of debt. Some of them might have parents gifting them a down payment as a wedding gift or something, but I know plenty of single income couples between 25-35 in our neighborhood that own $750k -1.1 million or so homes.

Cromagnum said:

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Picard said:

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Wait until they discover the concept of property taxes! Should be fun.

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Yep. Who's gonna foot the bill for that $40-50k kick in the dick every year?

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Who the hell is paying $50k a year in property taxes on a $1.3 million home?! The state average would barely be half that.

There's a difference between well-off parents passing down future inheritance early versus parents still coddling a 30-year old child. There's also a difference between putting your kids up in a house you own while they're making their way through college versus letting a man-child stay in their childhood room well past college because the child simply don't want to face the reality of living on their own.

In the OP's story there's examples of people in their 30's living with their parents because it helps the kid afford to take three or four vacations to Hawaii every year. **** that. That's just delaying personal fiscal responsibility, i.e. growing up.

Those same 30-year old children lean liberal/socialist because they've never been forced to earn their own way. I know because I have two youngs guys like that working under me. Both in their early 30's, both either living partially or entirely off their parents. Both are the biggest slobs I've ever met and completely incompetent in physical tasks with no shame admitting it. In fact they both kind of look down on anything that's physical.

Neither show any interest in "growing up" - meeting a partner, getting married, starting a family, being independent. They both go home from work and play video games until they go to bed. And both are stuck in their career growth right now because they aren't showing the necessary motivation and initiative needed to move upwards. And (not coincidentally) both are very liberal in their mindsets.

If this country heads into a major war I'm concerned about the draft pool we have to pull from.

After a couple ir few of generations of this, there is usually a regression to the mean. Future generations do get spoiled or don't learn the value of wealth and what it takes to build and keep it, and many will lose much of what they stood to inherit or fail to pass on a culture of work ethic of took to obtain anc grow it. Genetics plays a role, particularly in the male tendency to select for apparent fertility versus the female tendency to select a viable protector and provider, all other things being equal. You get genetic mixes that regress various exceptional qualities to the mean in some progeny over time this way. Culture can counteract this to a degree by pre-sorting the mate selection process for any certain individual to peer-like levels based on relative intelligence, such as for example many college graduates meet their mates in college or in an occupation requiring a college degree, which serves as a basic intelligence filter for mate selection.

Also the gradual reduction of the concentration of wealth by division of inheritance over increasing numbers of progeny. Many will grow it, some will through error or misfortune squander it over succeeding generations.

Anyhow, people want to provide an economic competitive benefit to their progeny and that does help in the short term but not in the long term. It doesn't do harm, necessarily, but you can't counteract the long term statistical forces at play. And you very clearly can spoil children if you overly protect them from consequences of actions and don't tech them that they can be strong and resilient in the face of adversity. If they've learned that, then wealth is not going to hurt them at all.

Meh.

I know a couple of families who have done this. Sold one of their kids their southlake house, another was a chinese national couple whose parents bought them a house to park their cash. Another is a neighbor whose parents are just so dang wealthy why even try to hold down a 9-5? Who cares if your day job you hate pays 120-160k when mom and dad can just swoop in and drop 2 mil on a house and pay for whatever their grandkids want.

Know another couple whose dad is worth hundreds of millions of dollars. Changes your view on family and work. Rich grandad just wants to see his daughter happy and his grandkids taken care of.

FIDO*98* said:

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I jumped the gun and bought mine a house when he moved to C.S. last year for school. If he wants to live in C.S. after he graduates, I'd let him stay at least until younger brother (3 years behind) graduates and moves out. After that we'll probably sell it and give each kid half towards a down payment on their own house.

My kids don't act spoiled and are both hard working responsible young men with jobs and high GPAs. I'm fortunate to make more than I need so I'm going to give them a head start in life. I also managed to stay married to their mom, attended 90% of their functions, coached Little League, etc. Making money and being a good parent aren't mutually exclusive

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If the house is in your name and not your kids then you bought a house for your kids to live in while they are at A&M. You own and control the asset. There's a difference. And being a good parent also means letting children know the value of having to earn something on their own in lieu of having it given to them.

There is a difference,

The one living at home wasnt gifted millions of dollars and is instead saving maybe 20k a year by not getting an apartment.

The couple who were gifted a million dollar house have zero concept of money, especially since she drives a 100k G Wagon, he has an F250 and they probably go on more vacations in a month then the person at home would in a year.

Im not surprised the liberal reaction on here thinks this is normal and good for society to give your kids whatever they want. The parents on here will then say their snowflake child pulled themselves up by their own bootstraps

born on third base and think they hit a triple

Ocho Ag said:

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There is a difference,

The one living at home wasnt gifted millions of dollars and is instead saving maybe 20k a year by not getting an apartment.

The couple who were gifted a million dollar house have zero concept of money, especially since she drives a 100k G Wagon, he has an F250 and they probably go on more vacations in a month then the person at home would in a year.

Im not surprised the liberal reaction on here thinks this is normal and good for society to give your kids whatever they want. The parents on here will then say their snowflake child pulled themselves up by their own bootstraps

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Well that is a lot of information not included in the original troll post. After learning that, I'm fairly certain I still don't give a *****

Unless you really know someone's situation, you don't know their situation.

My dad has been squirreling away money his whole life. He's 72 and still working. Between what he earns in real estate and the social security that the govt has forced him to take, he still hasn't touched his retirement money. His goal is to make sure my mom has plenty to live on when he's gone and then to still have plenty leftover for us kids.

After college I lived in an apartment for 7 or 8 years until I could afford the down payment for a home. I could see the advantages of my parents helping me get started a little early instead of me just burning my cash on rent. Building 7-8 years of equity instead of giving someone else my money would have helped a ton (and I'd probably be in a position to have my current home paid off by now, or at least close to it).

When I was younger I was very jealous of friends getting into homes early, almost always due to help from their parents. They're all still ahead of me financially, and part of that is certainly due to that initial help/ investment from their parents. I'd have never asked for a down payment on a home, and never would have expected my parents to offer. Now that I'm older, I can 100% see my wife and I fronting that initial 20% needed to get each of my kids into a nice starter home.

Maybe a $1mm home is a bit much for a 25 year old, but if the kid is having to cover the mortgage, then I don't see it being a big issue.

On that note, I have family friends that have done very well for themselves. One of their kids is musically gifted and has a masters in music. He ended up hitting it pretty big on Tik Tok and moved to Austin when he graduated college. He bought himself a nice little starter home for him and his Swedish girlfriend. When his mom visited she didn't like the neighborhood he was in, so she bought him a $1mm+ home in a nice neighborhood. Must be nice! Anyhow, he is a great kid that will probably get a real job some day, but until then he can make stupid videos and make plenty of money as an influencer.

All that to say that sure, I may inherit a couple million from my parents, but damn, $50-60k from them 15 years ago would have been really nice to help get me ahead, while still leaving plenty of money in their retirement account to help me out later.

Man, I was born poor white trash and the OP just reeks of jealousy and Axe Body Spray

Ocho Ag said:

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My Uncles neighbor just sold their 1.3MM house to a 26 & 27 year old couple(parents have money and bought them a house), do rich people just spoil their kids now a days?

How is this any different than some broke millennial living in a basement playing video games all day

Is work ethic gone?

End of Rant


https://www.businessinsider.com/millennials-living-at-home-as-an-adult-2023-1

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You don't say?

Hunter Biden House


Do the Trump kids earn income outside of the family businesses?
I think Ivanka did until the libs messed up some of her brands.

Rich people have done this for years.
You will have mom and dad start and run a portfolio of semi-successful businesses and have their kids start working there as teens. They become young adults and the parents don't want them to move away.
Parents buy 50-100 acres, no interest loan or give the kids money to developed and build a home on the acreage. As one dad told me, it is "golden handcuffs" to keep his children and grandchildren close and take over the business. Sometimes there can be extreme dysfunction in these families. For some of us the lack of boundaries would be uncomfortable.

Some of yall grew up on small towns where one family had money and their kids got away with speeding, low grades and general bad behavior, but because their daddy had money, it was allowed.

Fast forward 30 years, because it was given on a tray, not earned with sweat things may be very different.
I know one family that put their assest in trust and their kids got $$$$$ from it.
They would get avg $5-7k a month but could never get their hands on millions at once.
This provided for them to become slow walking, low work attorneys, realtors and teachers in their 50s while enjoying some nice things in life.

Tanya 93 said:

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Man, I was born poor white trash and the OP just reeks of jealousy and Axe Body Spray

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But his IROC was beechin' !!

When we met my wife (then GF) had a modest little 1300sqft house on the M-streets. Bought it in the mid-2's ($270 maybe?)

When we moved she sold it to a guy that promptly tore it down and built one of those modern Mc-mansions you see there all over for his incoming freshman son at SMU to live in

Their money. They can do whatever they want. You do you.

Ocho Ag said:

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born on third base and think they hit a triple

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Look AzulAg/Hedge/NotHedge,

Remove your current frame of reference of 2023 american politics.

From the dawn of man up until the industrial revolution, you lived on your families land amongst a tight nit group of extended family. This is literally the definition of a clan. Your parents worked hard to create productive land, you worked on it, and then when you grew up, you would own a chunk of it and do the same. There wasn't this idea of bootstrapping and beating your own chest about how you made it on your own. If you didn't have a family network you were basically going to be broke and starve. On a good day you were at the mercy of a local religious organization.

Even during the industrial revolution, those huddled masses crammed into apartments and worked as a family to support the family. You again, hoped to one day use your parents net worth and network to spring for a life better than they had.

This ethos basically persisted until...the soviet revolution. And the family was one of the things that communism tries to crush. Because if everyone is equal you can't have families better positioning themselves (outside of the elites).

I've got kids of my own now, and its opened my eyes to the accomplishments I've achieved 'on my own.' From the moment you bring that kid home from the hospital you bend over backwards to provide for them, educate them, bring them up in knowledge and wisdom, and hope they go make a career for themselves.

Would 20 year old me say I did it all on my own? No, but I would say its an 80/20 split my effort/parents effort. Now mid 30s me would say its a 50/50 split effort wise and I'd be shocked if I stay at 50/50 as my kids get older.

So why do you want so much unnecessary struggle? Their battles will come. It ain't called shirtsleeves to shirtsleeves in 3 generations for nothing. Why rob a family of the ability to maintain their wealth? Why must the government be so powerful that they get to dictate you will be so wealthy but no more?

And remember, there will always be a ruling class that can hide their money. Any wealth transfer tax is just hand waiving over the richest people. It always crushes the middle class the most.

Furthermore, we're approaching a society where certain demographics are kept away from institutions that accelerate wealth because of immutable traits. Why should I get crushed by a wealth tax one day in the name of fairness but my son will be last in line for every wealth creating opportunity? College admittance. College scholarships, job interviews, job cuts.

I'm seriously considering owning my own business just so I can give my last placed demographic children a job one day. Thats the page we're on.

If that requires allowing people to be born on third base, so be it.

Quote:

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Im not surprised the liberal reaction on here thinks this is normal and good for society to give your kids whatever they want.

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lol

When your argument fails call everyone a liberal. So typical.

Why do you care what avenues folks with wealth choose to protect it?

Stop thinking like a poor, hedge.

Ocho Ag said:

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born on third base and think they hit a triple

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Anyone born in the United States with health and an average IQ was born on third base.

Here's what you get for not winning the sperm lottery.


I'm sorry cupcake.


That's it. If your still mad at the world, take it up with you crappy parents. But, it's still mostly your fault. If you don't like it, get busy living, or get busy dying.

I see no problem with parents spending their hard earned money to help their kids. I would rather have spoiled semi productive kids in society than more criminals from broken homes.

Anyway, if the parent wants to give the inheritance early because they are wealthy, who cares? They want to see their kids happy and not struggling rather than wrote see when they are gone.

I used to work with a guy who made about $30,000 a year and his wife was a school teacher. They lived in a giant house in a fancy suburb and every year took a massive vacation to Florida to Disney and Astros' spring training. I figured somebody's parents had died and left them a **** load of money, but one day me and the guy got in a wreck coming from lunch that tore his car up. We got back to the office and were sitting there trying to calm down. He says he needs to call his wife's mom and I go back to my own office, only to hear this snippet at the end of the conversation from him.

"I don't know how much the repairs will be. Just sign the blank check and bring it over."

His wife's parents had bought their house, at least one car, and were paying for 3 kids and 4 adults to go on that annual vacation every damn year.

I don't claim to have the answers here, and it's an honest challenge as a parent who is looking to raise high character children in the presence of financial resources. I don't have good examples of it because my parents assets didn't include financial ones.

I do believe I've taught my kids not to expect to be served, even when the world sort of tells them constantly they should be served. For example: my kids share a used Honda. They park next to classmates driving brand new cars - many in the 60-100k price range. It's sort of funny that a decent number of those kids parents work for me.

In the end I actually may make it their choice.

There's having debt and looking like money, and there's having wealth. They're not always mutually exclusive if the debt is managed properly as a tool for growth but they can be quite different.

Ocho Ag said:

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There is a difference,

The one living at home wasnt gifted millions of dollars and is instead saving maybe 20k a year by not getting an apartment.

The couple who were gifted a million dollar house have zero concept of money, especially since she drives a 100k G Wagon, he has an F250 and they probably go on more vacations in a month then the person at home would in a year.

Im not surprised the liberal reaction on here thinks this is normal and good for society to give your kids whatever they want. The parents on here will then say their snowflake child pulled themselves up by their own bootstraps

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Some parents can afford to give their children large house downpayments.

Some parents can afford to let their adult children live at home post college.

Which one were you and why is it any different, other than your jealous of the first group.

Ocho Ag said:

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born on third base and think they hit a triple

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As somebody whos parents helped them with their house (not as expensive as the one in your article but still), obviously I don't believe I hit a triple. If you're born into money and you're cocky about it, then you're an @$$hole. Especially since I also work for my father, most of my success in life will be attributed to the financial foundation laid by my parents and grandparents, just a fact. That may hurt some peoples egos who want to think they did it themselves but its just a fact for some people and there's no shame in that, in facts its a blessing, and it is a major motivation for me to ensure I am able to do the same for my kids.

Besides, I'm not really a believer that financial literacy/work ethic is something that is 100% taught by parents. My wife and I both grew up in well off families but very different parenting methods. Admittedly, my parents got me everything I wanted. Every video game, new baseball equipment every year ect. I never did a single chore or had a job in high school or college. My wife's parents were very much pull your bootstraps type people. She had a job as soon as she could drive parents didnt pay her sorority dues (they easily could have and 90% of the other girls parents did), ect. You know who is the bigger advocate of saving money in our house? Who says we dont need to buy that we dont need to go on that trip? Always me. Maybe thats a male/female thing but I think its just I am a more conservative/quiet and reserved personality and I am much less of a risk taker in general. My wife has siblings who are more like me and I have siblings who are more like her - its really personality over parenting.

Lots of good posts on this thread - the only thing to add, is the rate of inflation in the past few years is hard for many to grasp, as a $1mm home ain't what it used to be. I know the home I bought in 2016 has doubled in value and is likely approaching one million or more.

What's the point of any of this? If I can't give my kids more of a safety net, allow them more risks, and leave them generous amounts of money, why am I even bothering going to work?

There's lots bemoaning urban young adults who are having fewer kids or no kids as selfish. To me its selfish to kick your kids out at 18 with no help and empty platitudes about working hard, especially when you can afford to help them.