Significant Financial Gift to Adult Children with Julia Chung CFP

What are the issues when making a Significant Financial Gift to Adult Children?

Elizabeth sits down with Julia Chung CFP, Senior Financial Planner at Spring Planning and Family Business Consultant at Trella, to talk about transferring family wealth to the next generation.

Julia raises a host of issues that need to be considered before making a financial gift to children. What kind of gift? (A house? A Business? Or just a Check?)

What are the tax considerations?

How does this gift fit into your financial plan?

How will this gift impact them socially and emotionally?

But most importantly is the conversation about money. Talking to adult children about finances is daunting, but must happen. Surprising them might sound like a great idea but might have lasting consequences.
Chapters
0:00 Introduction
01:18 When to Start Talking about Money
03:25 When to Give Children Money
06:52 Setting Expectations
08:13 What is the Gift and How Does that Change the Conversation
11:02 Cross Border Issues
12:23 Social Impact of a Significant Gift
14:55 Trusts
16:45 Create a Plan for 'Now'
18:16 Look at the Big Picture
19:45 Talk to a Professional
21:08 Closing Remarks
Elizabeth Naumovski is a multi award winning Financial Literacy advocate, speaker, panel moderator and a champion for women’s issues. She has spoken to numerous audiences about female empowerment. She has worked on Bay Street in Toronto Canada for over 20 years.

Where to find all the Empowered episodes:
YouTube: https://www.youtube.com/@empowered-tv-Elizabeth
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Where to find Elizabeth:
Twitter: https://twitter.com/enaumovski
Website: https://empoweredtv.ca/
Instagram: https://www.instagram.com/empoweredwithelizabeth/

Where to find Julia Chung:
Websites: https://springplans.ca/ https://www.trella.ca/
Twitter: https://twitter.com/JuliaChungFP
Linkedin: https://www.linkedin.com/in/juliaychung/

Disclaimer:
The Host Elizabeth Naumovski is employed as VP, Marketing at Caldwell Securities LTD. All episodes of Empowered with Elizabeth Naumovski are recorded in the Toronto and surrounding area, Ontario Canada. Comments expressed in each episode are those of the guest speakers and are not to be considered as specific advice tailored to the circumstances or a specific individual. Comments are intended to be general and for informational purposed only, based on information and conditions prevalent at the time of the recording. Viewers should not consider or place specific reliance on content presented as comprehensive advice, nor as an offer or solicitation to buy and/or sell securities. Individuals are strongly encouraged to seek professional advice specific to their circumstances. Market, economic, regulatory and political conditions and obligations change. Empowered with Elizabeth Naumovski accepts no responsibility for individual decisions made based on reliance on the information presented in each episode.

Видео Significant Financial Gift to Adult Children with Julia Chung CFP канала EMPOWERED with Elizabeth Naumovski