Planning for a Grandchild

You’ve raised your children and now you want to help start your grandchildren off with a strong financial future. Increasingly, grandparents are stepping up to help both minors and adult grandchildren with everything from higher education expenses to retirement plans.

Munn & Morris Financial Advisors can help build and execute a strategy to transfer your assets through several taxable and tax-deferred programs, including:

Questions to Consider:

  • What types of trusts are there, and what are the advantages and disadvantages of each?
  • How much can I leave to my grandchildren under the current tax laws, and how can I shelter it best?
  • What options provide me the most control over my money? For example, the circumstances under which money can be distributed, when it should be withheld, the age of distribution and who manages the finances.
  • What is generation-skipping transfer (GST) tax and does it apply to me?
  • What’s the difference between an Education 529 plan, Uniform Gifts to Minors Act (UGMA) account and Uniform Transfers to Minors Act (UTMA) account?

Resources

  • 6 ways to help your grandchildren to a great financial future
  • Giving money to your grandchildren
  • How grandparents can help grandchildren

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