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Ways to leave money to grandchildren


Lots of Kent area residents have created an estate plan or have it on their to-do list. Many times an estate plan will include gifting money or property to heirs after a person dies. For lots of people it is important to them that their kids, grandchildren or other relatives are left with some of their estate.

There are several ways grandparents can leave money to their grandkids. One way is to gift them the annual exclusion gift while the grandparents are still alive. Each grandchild can be gifted up to $14,000 each year which can be excluded from the grandparent's estate. You can also put that $14,000 into a 529 plan for their college education. Grandparents can also set up a trust for their grandkids or the grandchildren can inherit the money outright. These options may have consequences for the grandchildren's college financial aid packages though.

Grandparents who are looking for information regarding how to set up their estate for their heirs may want to speak with a legal professional skilled in estate planning. An attorney can look at a family's unique situation and help the family set up an estate plan that makes sense for their unique needs and values. There are many ways to set up how an estate can be distributed upon a person's death and an attorney has the experience necessary to make sure the person's wishes will be honored.

It can be an amazing gift for a grandparent to leave their grandchildren part of their estate. There are many ways grandparents can gift money for their grandchildren and help them with their future education expenses, living expenses and other interests.

Source: nj1015.com, "How you can leave money to your grandkids," Karin Price Mueller, Jan. 25, 2016

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