The article emphasizes the importance of assessing personal financial stability before gifting money to others. It highlights that there's no standard wealth threshold for such decisions, as it varies from person to person. The author also points out the necessity of planning for long-term care, which often incurs significant costs. Before making financial gifts to family or friends, individuals should ensure their own financial needs and potential future care expenses are adequately addressed. A financial advisor can provide necessary guidance in wealth management and distribution.
There's no preset number when it comes to being in a position to start giving money away; it depends on your specific situation.
Before you start making plans to give your money away, make sure your personal needs are truly covered, especially long-term care.
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