If you wanted to help family members get out of poverty and you have a $100,000, is there any way of using the money in a way that would not just cover immediate bills but help build additional wealth? Is this too controlling?
2007-12-14 05:41:29 · 3 answers · asked by Angela C 2 in Business & Finance ➔ Personal Finance
is it best to just give cash outright (to people with NO budgeting or financial management skills) or to have a larger plan/system that will prevent it from being spent fast?
2007-12-14 05:49:14 · update #1
maybe i am being selfish but i would not give out any money until they can proof that they have taken control over their lives and are willing to improve their spending habits!!!
2007-12-18 00:18:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Not sure what you are trying to accomplish. Tax law, however, allows you to give anyone you want 12,000 a year without a penalty to you. If you are married, both you and your husband can give 12,000 to the same person. You could also establish a trust but that can run up some sizeable legal bills. Hope this helps
2007-12-14 05:45:19 · answer #2 · answered by jwishz 7 · 0⤊ 0⤋
maybe help pay for schooling.. or help them buy a home assuming they could make the mortgage payment...best investment they could make. i think the college thing would be the best..
2007-12-14 05:50:22 · answer #3 · answered by nikkylyn 5 · 0⤊ 0⤋