Being able to provide financial support to a grandchild should feel like a gift, because it is
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, but our reporting and recommendations are always independent and objective.
You can also write them into your will to receive a set amount of money or items of value, or set up a trust fund to handle the doling out of assets. Talk to a financial planner today to get help with estate planning. SmartAsset's free tool can connect you to a qualified professional »If you know that you specifically want to support your grandchild's education, there's no better way to make that happen than by investing in a. Named after the section of the Internal Revenue Code that authorizes them, a 529 is an investment account that allows your money to both grow and be withdrawn tax-free.
Amorello is a particular proponent of the 529 plan for its flexibility, noting, "Contributing to a 529 Age-Based Investment Strategy gives the grandparents options on how conservative, moderate, or aggressive fund choices should be. As the child nears college age, the balance of investments transitions appropriately, from more stocks to more bonds, in order to help your funds grow predictably.
It's like they say on airplanes: Don your own oxygen mask before attempting to help anyone else. If you run out of retirement money during the course of your life, it doesn't help anyone — least of all your grandchildren. This is the money that you saved for your retirement, so leaving instructions for its disbursal in your will ensures that you meet that goal before setting another one.
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