A decade ago it was reported by Fidelity Investments that 53% of grandparents were saving or planning to save in order to help their grandchildren pay for college. Because college tuition has risen another 20% since then, even after accounting for inflation, according to U.S. News and World Report, it’s reasonable to presume that an even higher percentage of grandparents would like to contribute to their grandkids education expenses, among other things. But how do you go about it in a sensible, tax efficient way?
This NEET Notes is about making gifts to family members. Not only by grandparents, and not limited to educational expenses, but lifetime gifts generally. And further, gifts that are easy or only moderately difficult to make happen. There are lots of more advanced and complicated ways to make lifetime gifts of your assets in lieu of post-death gifts via a will or other estate plan. But those approaches, while important, apply mostly to the very wealthy.
To read further, please click the PDF below . . .
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