Hi! Love your podcast, worship you as individuals, and I am sure you each have beautiful children (I hope this sycophantic entry gets me on your show)! My husband’s parents give around $10k annual to each of their sons (well under the exclusion); however, as they are retired teachers and medium-net-worth individuals, I have the impulse to swoop in and help them protect their hard-earned assets. If my husband is given $10k annually, can he turn around and 1099 his parents to the tune of $10k in order to allow them to put their RMDs into a Roth and allow their income to continue to grow? They currently live on a pension and a 403(b). If not a Roth, is there a better way to reinvest this gifted money on their behalf? We love them, and we don’t want them to run out of money for their generosity.
Thank You for listening. We responded to your question on today’s podcast, 11/19. Please check it out there. Thanks again! Mark and Mat.