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Home >> Estate Planning Articles >> The Ties that Bind: Grandparents and Grandchildren

The Ties that Bind: Grandparents and Grandchildren

September 2, 2015 by Robert Kulas.

The Ties that Bind: Grandparents and Grandchildren

 Compliments of Our Law Firm,

Written By: The American Academy of Estate Planning Attorneys

The memories made with grandchildren are some of the best. Still, it’s understandable to want to leave them with a bit more than great stories to someday pass down to their own grandchildren. Fortunately, there are many ways to accomplish this. The key is to ensure there’s no ambiguity in your will and other estate planning documents. Even better, there are ways to gift assets today so you can witness the many benefits your gifts bring, whether it’s ensuring they get a great start in their adult lives or easing financial concerns as they plan for college.

You can gift every grandchild up to $14,000 annually in 2015 and if you’re married, you and your spouse can double the gift with no tax repercussions, regardless of how many grandchildren you have. Not only do you not have to worry about the taxes, but your grandchildren won’t have to count the gifts as taxable income. However, if you are contemplating applying for Medicaid, gifting could be problematic. So be sure to speak with an estate planning attorney.

If you’re concerned about gifting cash, instead you can opt to cover medical expenses and/or educational costs. This is achieved easily by making payments directly to the healthcare provider or school, for example, because there are no limits on these types of payments, you still have the option of gifting cash too, provided it doesn’t exceed the annual limit.

You might also consider establishing a trust for the benefit of your grandchild. With this option, you can transfer money into the trust at any time. Other options include contributing to a 529 Account, which earmarks funds for educational purposes.

Nothing’s more important than time spent with family, but for many grandparents, they also want to be sure their grandchildren have a great start with the financial advantages they may not have had. Otherwise, with the many options available today, it’s never been easier to help them put that foundation in place. Be sure to consult with a qualified estate planning attorney so that you know your efforts achieve the good you intended.

Kulas & Crawford

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Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

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Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

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Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family.

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"Everyone treated us extremely well.  Robert explained how a trust works and the benefits of having one.  We decided to move forward and complete the process.  He was very kind and knowledgeable.  Julie was also very helpful and very patient with our questions.  We felt very comfortable with this firm handling our affairs.  We would highly recommend this firm to our friends and family."

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Janice M
Client Review
August 25, 2020
    

Robert Kulas and staff made making a will an easy to understand process. They were very knowledgeable and attentive to my wishes. All my documents were provided in an organized binder which will be a great asset to my family. I would definitely recommend them.

default image
Krissy L.
Client Review
August 25, 2020
    

I have worked with Mr. Kulas & staff before. And they are very professional. I am very satisfied with Mr. Kulas and his staff and give them the highest satisfaction and 5 star rating.

default image
Leo C.
Client Review
August 25, 2020
    

Mr. Kulas and his staff have been extremely helpful & knowledgeable for the over 3 years we have been associated. They are easy to talk to and explain everything without feeling rushed. Very competent and professional.

default image
Mildred W.
Client Review
August 25, 2020
    

I have known Robert Kulas for 20 years since I was co-executor for friends who had Mr. Kulas prepare a Trust for them. When I felt I needed a trust also, I came to him. I have always been completed satisfied with his work and that of his charming, competent staff.

default image
Joan C.
Client Review
August 25, 2020
    

We began our estate plan process in 2004 (12 years ago) and have been pleased with the periodic reviews we have gone through and when changes have been needed the firm has been thorough and professional in making those changes.

default image
L.G.K.
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