Parents often want to give financial assistance to their children. How much should parents give, and what’s the best way to do it?
On today’s show, Doug Goldstein, CFP® examines generational giving. Learn about the tax considerations involved in gifting money to your children, and how the wrong kind of assistance can make your children more dependent on you and less able to manage their money.
Apart from the issue of helping your children financially during your lifetime, is it important to leave them an inheritance? Attorney Jeff Condon, author of Beyond the Grave: The Right and Wrong Way of Leaving Money to Your Children, explores how estate planning can affect family relationships. Listen for tips on appointing executors, protecting your estate from taxes and how to preserve your estate’s value.
The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and contact details of the guest, go to www.GoldsteinOnGelt.com
Posts Tagged ‘CHILDREN’
Parents often want to give financial assistance to their children. How much should parents give, and what’s the best way to do it?
When John Singer Sargent’s 1896 magisterial painting, “Mrs. Carl Meyer and her Children,” depicting Adèle Meyer with her children Elsie Charlotte and Frank Cecil, was first shown at the Royal Academy of Arts in 1897, Henry James wrote in Harper’s Weekly, “Of these elements Mr. Sargent has made a picture of a knock-down insolence of talent and truth of characterization, a wonderful rendering of life, of manners, of aspects, of types, of textures, of everything.”
Seductive, flamboyant, and deeply revealing, this lushly painted portrait captures the world of a privileged family of English Jews who lived more than a century ago.
Sir Carl Ferdinand Meyer was born in Hamburg, Germany, the second son of Siegmund Meyer and Elise Rosa Hahn daughter of Reuben Hahn. He became a naturalized British subject in 1877. In 1883 he married Adèle Levis, daughter of Julius Levis of Hampstead, and they had a son, Frank Cecil Meyer, and a daughter.
Meyer worked first for the Rothschild family as their chief clerk and negotiator with the De Beers mining group. He then went on to work for De Beers and became deputy chairman of the company. He was also governor of the National Bank of Egypt, and member of the board of numerous mining companies. He was also a board member of the Hong Kong and Shanghai Bank (HSBC). He was given the title of baronet in 1910.
Meyer had a great interest in the arts, showing support for opera, music and the theatre. In 1909 he donated 70,000 pounds to the Shakespeare National Memorial Theatre, now rebuilt as the Royal Shakespeare Theatre in Stratford-upon-Avon. During World War I, prompted by a suggestion by Sir Arthur Wing Pinero that Britons of German origin should speak out publicly, Meyer wrote to The Times expressing his disapproval of the tactics used by the Germans in the war, including the sinking of the RMS Lusitania. No dual loyalties there.
As a society hostess known for her exuberant soirées, enchanting voice, and support of the arts, Lady Meyer was also a socially concerned philanthropist supporting working class women, underprivileged families, and women’s suffrage.
On loan from the Tate Britain in London, it has been more than 10 years since this painting was last on view in the US. The exhibition highlights this remarkable work—contextualizing it with other family portraits, family photographs, personal correspondence and domestic memorabilia, as well as satirical imagery from popular culture that relates to both the Meyer family and John Singer Sargent.
In the Jewish Museum, 1109 5th Ave at 92nd St, NYC, through February 5, 2017.JNi.Media
Results of a new study at the University of Haifa have shown no difference in the risk of developing schizophrenia between second-generation Holocaust survivors and those whose parents were not exposed to the Holocaust. However, an examination of various sub-groups showed that second-generation survivors whose parents were babies during the Holocaust are at higher risk of suffering from a more severe course of schizophrenia.
“Likely these are transmitted from the parental environment to the child,” Prof. Stephen Levine, the lead author of the study, commented. The study was undertaken by Levine and Prof. Itzhak Levav of the Department of Community Mental Health at the University of Haifa, together with Inna Pugachova, Rinat Yoffe and Yifat Becher from Israel’s Ministry of Health. The study, published in Schizophrenia Research, was based on information on 51,233 individuals who immigrated to Israel through 1966, and was made possible thanks to the cooperation of the Ministry of the Interior and the Ministry of Health, with funds from Israel Science Foundation.
The study’s population included individuals who experienced the Holocaust directly, while the comparison group was comprised of individuals who immigrated to Israel before the Holocaust began in their countries of origin. All the second-generation subjects were born between 1948 and 1989, and were followed through 2014 to ascertain whether or not they suffered from schizophrenia.
The question of the impact of exposure to the Holocaust among second-generation survivors is the subject of disagreement among researchers. Clinical-based studies have found that trauma increases psychopathology in the offspring of Holocaust survivors, while community based studies have found that there is no such effect among adults, as noted by Levav and collaborators in two large representative samples in Israel.
The researchers sought to examine whether parental Holocaust exposure is associated with schizophrenia among second-generation survivors. The good news is that the association was not significant.
However, a more specific inquiry showed that offspring of mothers with Holocaust exposure in the womb only were 1.7 times more likely to have a more severe course of the disorder. Similarly, offspring of mothers exposed to the Holocaust in the womb and thereafter were 1.5 more likely to have a more severe course than persons not exposed. Offspring of fathers exposed in the womb and thereafter were 1.5 times more likely, and those whose fathers had been exposed at ages 1–2 had offspring whose risk of having a worse course of the disorder was higher than persons not exposed.
Transgenerational genocide exposure was unrelated to the risk of schizophrenia in the offspring, but was related to a course of deterioration in schizophrenia during selected parental critical periods of early life. This implies an epigenetic mechanism – namely arising from environmental influences on the way genes expressed themselves. The findings inform health policy decision makers about refugees who suffered from extreme adversity, and extend existing results regarding the transgenerational transfer of the effects of famine and stress in parental early life.JNi.Media
In another one of his proof of idiocy, the United States Secretary of State John Kerry said:
Kerry to the Media: Cover Terrorism Less, So ‘People Wouldn’t Know What’s Going On’
Remember this: No country is immune from terrorism. It’s easy to terrorize. Government and law enforcement have to be correct 24 hours a day, 7 days a week, 365 days a year. But if you decide one day you’re going to be a terrorist and you’re willing to kill yourself, you can go out and kill some people. You can make some noise. Perhaps the media would do us all a service if they didn’t cover it quite as much. People wouldn’t know what’s going on. (Applause.)
Again, Kerry shows the world how he misunderstands terrorists. They don’t just murder and attack for the attention. It’s an act of war, another genre in the military lexicon. That’s why it must be fought with force, not words or kindness. And considering the applause that apparently had greeted his statement, many people do agree with him. They are all wrong.
There’s a lot of terrorism going on in the world that is being ignored by the media, and it’s growing, not shrinking. It’s a relatively cheap way to attack one’s enemies. It bypasses the super-expensive international military industries.
International media and diplomats have been focusing more on the massive numbers of refugees fleeing parts of the Middle East and Africa but less on the terror they are trying to leave. Those who do the actual terrorizing aren’t ogling themselves and how they look on the media. That isn’t what’s driving them to murder.
Kerry’s request that there would be less terror if the terrorists got less media attention is like the pedagogic principle that one must give more attention for good behavior than bad. Terrorists aren’t bullies in nursery schools. They are more like mass-murderers.Batya Medad
The Britain-based World Jewish Relief humanitarian organization has just marked its one-year anniversary aiding more than 17,500 refugees in Greece and Turkey, including thousands of children.
The organization’s emergency appeal was launched in September 2015, according to a report released by WJR this week.
It has provided 3,169 children with winter kits, including coats and blankets for children based in bitterly cold camps on the Turkish-Syrian border, and supplied 2,050 back-to-school kits helping refugee children and their families in Turkey achieve a basic lifestyle after having been uprooted from home and school.
World Jewish Relief also provided 4,837 people with vital medical care in Greece and 7,474 refugees with humanitarian essentials such as water, food and warm clothes in Greece, organization representatives say.
However, beyond the numbers, the report provides information about the organization’s work with individuals, telling for example the powerful story of Adnan*, a talented sixteen-year-old artist who, due to WJR is able to cultivate his talents. Adnan arrived in Lesbos together with his younger brother following a very difficult journey which included the loss of many family members. After being held in cramped conditions with other children, a new facility was set up to look after minors with medical and psychological support provided. After noticing Adnan’s artistic skills, staff encouraged him to use his talent, culminating in an art gallery in Lesbos exhibiting his drawings.
In total, the organization’s appeal has raised nearly £944,000, making it the second largest WJR appeal ever to be held, after the 2004 Boxing Day Tsunami. Donations are still welcome and will be spent on continuing refugee projects in Greece and Turkey. The projects come in the wake of an announcement by former Prime Minister David Cameron that the UK will resettle and house 20,000 of the most vulnerable Syrian refugees by 2020.
World Jewish Relief created a program to help these refugees integrate, drawing on the agency’s past experience helping vulnerable Jews in the former Soviet Union, and relying on funds provided exclusively by private donors. World Jewish Relief is helping 1,000 of the 20,000 Syrian refugees find employment and integrate into life in the UK, beginning with a pilot program in Bradford aiming to help 50 Syrian refugees to find work.
The pilot program currently supports 27 refugees. “One year ago, a photo of a three-year-old Syrian boy named Alan Kurdi washed up on a beach, shocked the world into action. Thanks to the British Jewish community’s outstanding generosity, over the past year, we’ve made a difference to 17,557 lives,” said Paul Anticoni, WJR CEO. The organization is a coalition partner of OLAM, an organization of 46 Israeli and Jewish NGOs raising awareness of the importance of supporting the world’s most vulnerable communities.
*name changed to protect his identityJewish Press Staff
Having a loved one in prison is a transformative and painful journey for an entire family. Spouses, children, parents, and siblings are affected by the experience. Often there is sorrow and shame, anger and depression. Children are especially impacted. They want their dad (or mom) to come home. They feel deserted and afraid. Wives (or husbands) also suffer. They are alone with all responsibilities and often have less money coming in to cover expenses.
It was already June and Anna Katz, the mother of three from northern California, didn’t know how she would keep her kids busy all summer. After her husband made a bad business decision that landed him in prison in February 2014, life as she knew it came to an abrupt end. With her meager income, and no longer able to rely on a steady paycheck from her husband, Katz could barely afford the basics. Paying for summer camp for her children seemed out of the question.
“I was worried about my daughter,” she said. “It’s so easy for kids to make the wrong choices and take a darker path. Never in my wildest dreams did I think I would be able to afford camp.”
The Aleph Institute stepped in. A nonprofit based in Florida, with additional offices in New York and Los Angeles, Aleph works to serve the needs of Jewish prisoners and their families throughout the U.S. prison system.
In 2011, Aleph launched the Summer Camp Placement and Scholarship Initiative, since renamed “The Aleph Institute Jonathan Stampler Camp Fund.” The endowment enables hundreds of children with parents in correctional facilities to attend Jewish summer camp by arranging all the logistics from beginning to end, while offering generous subsidies and scholarships to make camp a reality.
Aleph’s family services director Rabbi Shua Brook had been in touch with the family since shortly after the husband’s incarceration. The worried mother said, “The rabbis at Aleph were and still are my human angels here on earth. They became my extended family, helping in every detail of our life.”
Realizing the children had no summer plans and had never attended a Jewish camp, Rabbi Brook offered a full camp scholarship for all three kids, and found donors willing to cover the cost. The 13- and 11-year-old boys flew to overnight camps in the northeast while the youngest stayed in a local Jewish day camp. This summer, all three children have returned to those overnight camps and are having a blast.
Although Aleph helps hundreds of families with their urgent necessities – covering costs of housing, food, utility bills, etc. – and advocates for a long term solution of the family’s financial and emotional needs, Brook feels that certain “luxury” items, like camp can have an incredible impact on a child’s life.
“The benefits of camp are many,” he says. “First, it provides the parent at home going through the torture of having a spouse in prison a much needed respite. Also, it creates a fun and meaningful experience for the kids, in which they can make new friends and explore essential Jewish values. It helps the entire family have a positive Jewish experience and become more involved with their local Jewish community.”
This summer alone, Aleph sent 96 children to Jewish camps across the country. Forty-One children are attending overnight camps such as CTeen Heritage Quest, CTeen Xtreme, Camp L’man Achai, and CGI Poconos among others.
To reach out to Aleph for someone in need or to donate, e-mail firstname.lastname@example.org.
The Aleph Institute, founded in 1981 at the direction of the Lubavitcher Rebbe and headed by Rabbis Sholom and Aaron Lipskar, provides crucial financial, emotional, and spiritual assistance to thousands of shattered families – helping them persevere through extraordinary crises – while providing support for their loved ones in prison and mental institutions. Aleph’s benevolent mandate also encompasses spiritual assistance to thousands of soldiers in the United States Armed Forces across the globe.Shelley Benveniste
By Michael Bachner/TPS
Israeli Olympic bronze medalist Yarden Gerbi has announced that she is auctioning the name patch she was wearing during her competition in Rio on August 9th to benefit the Children’s Oncology Department at Ichilov Hospital in Tel Aviv. She has already donated to that ward in the past in a similar auction after winning the World Championship in 2013.
The former judo world champion in the 63 kilogram division started an eBay auction on Tuesday, which will continue for five days until August 29.
“The very fact that she is doing this, and for the second time, is a testament to her character,” Rafi Agiv, Gerbi’s agent told Tazpit Press Service (TPS). “I hope that she raises even more money this time.”
That hope was quickly realized when the highest bid was already at USD 12,100 (over NIS 45,000) after just four hours, compared to USD 3,800 raised in the previous auction.
“All profit from this auction will be used as a donation for buying important medical equipment. I hope that together we will manage to raise a significant amount of money that will make this name patch much more special and meaningful to our society,” Gerbi wrote on the auction page.
The auction is open to people all around the world, and the highest bidder will receive the item, dedicated and signed by Gerbi. “If the winner of the back number is Israeli, I will gladly hand over the item personally,” she wrote on her Facebook page.
“Three years ago, when I won the World Championship, I auctioned the special back number I was awarded with the title of world champion,” added Gerbi in her Facebook post. “The winner was Tal Keidar, and together we managed to raise USD 3800, all of which was donated to the children’s oncology ward of Ichilov hospital.”
Gerbi wrote that she had visited the ward in person and toured it with Professor Jacob Bickels, head of the Oncological Orthopedics Department at the Sourasky Medical Center. “I met amazing kids who are heroes, doing their best to fight and keep high spirits,” she wrote.
“I recently found out that Liran Or, a sweet and loving girl with whom I was in contact, had passed away,” explained Gerbi. “That’s the reason I decided to donate to the same ward.”
The Children’s Hemato-Oncology Department at Ichilov Hospital thanked Gerbi for her initiative, saying that the children were brought to tears by her gesture and had created a colorful sign and drawing in her honor. “Yarden, thank you for the strength you give us,” they said. “The same way you prevailed, so will we.”
“Yarden is proving that she is not only a champion on the mat, but also a true sportswoman with great generosity,” said Professor Ronni Gamzu, CEO of Ichilov Hospital. “The whole hospital thanks her very much for her consideration, and for the support and encouragement she gives to the children.”
Michael Zeff contributed to this article.TPS / Tazpit News Agency