To those more knowledgeable than I (which is a lot of to you),
- My wife & I owe her parents ~95k
- They are retired and don't need it urgently
- We will be able to start paying them off in July/Aug
- Ideally completing it in <2yrs
What is the best way to go about this?
- Considering me giving him 14k/yr & her 14k/yr + wife giving him 14k/yr & her 14k/yr to skirt under the gift tax (that's how it's done correct?)
- Considering offering to pay mortgage payments for them / offer to move then closer to us (wife is an only child)
- Dropping money into a joint checking account and giving them a debit card (is this legal)
Other options?
Thanks