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Home >> Tips for Gifting to Grandchildren

Tips for Gifting to Grandchildren

April 2, 2023 by Joshua K. Crawford

Port St. Lucie estate planning attorneys

Becoming a grandparent may be the single most exciting, and joyful, moment of your life. It also presents another opportunity to influence the life of a child. If you are a doting grandparent, you probably also want to include your grandchildren as beneficiaries in your estate plan. If so, consider the following gifting to grandchildren dos and don’ts from the Port St. Lucie estate planning attorneys at Kulas & Crawford:

  • Do make use of tax breaks and other incentives.  Although making gifts is an altruistic endeavor, there is no reason why you shouldn’t also reap the tax benefits from the gift. Check with your estate planning attorney and tax advisor to see if you can combine your gifts to grandkids with any tax breaks or other estate planning incentives.
  • Don’t wait until you are gone to gift.  If your long-term plan is to pass down a portion of your estate to your grandchildren, make why not make some of those gifts while you are still alive? Not only will you gain a tax advantage from doing so, but you will also have the pleasure of being able to watch your grandchildren enjoy the gifts you give them.
  • Do use the yearly exclusion.  The yearly exclusion allows every taxpayer to make tax-free gifts valued at up to $16,000 ($32,000 for married taxpayers) as of 2022 to an unlimited number of beneficiaries. Gifts made using the yearly exclusion do not count toward the taxpayer’s lifetime limit for federal gift and estate tax purposes.
  • Don’t make promises.  As a grandparent, you may get carried away and want to make promises for future gifts. For example, you might find yourself promising to cover college expenses, buy a first car, or pay for a wedding in the future.  Because you can’t know what your own financial situation will be when your retirement years arrive, you could end up having to renege on the promise, so it is best to avoid making promises.
  • Do pass down your legacy when you make gifts.  By incorporating legacy planning tools and strategies into your estate plan you can pass down more than just assets to your grandchildren. You can also continue to pass down your beliefs, ideals, faith, and philosophies that are an integral part of who you are and who you hope your grandchildren will one day become.
  • Don’t forget to take care of yourself.  Grandparents frequently become so enamored with their grandchildren that they want to give them everything. Resist the temptation as you may need your assets to live comfortably during your retirement years.
  • Do try to reduce the likelihood of disputes.  While you may never admit it out loud, you probably have a favorite grandchild. You may be tempted to gift more to that grandchild as a result. There is certainly no law that requires you to gift to all grandchildren equally; however, absent a good reason not to, you may wish to do so to reduce the likelihood of probate disputes. Legally, the fact that you played favorites will not invalidate your Will, but it increases the chance that a beneficiary will try and find a way to have your Will declared invalid.
  • Don’t make large lump sum gifts.  A minor cannot inherit directly from your estate, meaning you will need to utilize a trust to protect the inheritance you leave your grandchildren if they have yet to reach adulthood. Once they become a legal adult, however, you may still wish to delay the inheritance to allow time for a beneficiary to grow and mature. Using that same trust, you can also stagger distributions of the inheritance instead of gifting a lump sum. For example, the trust terms could dictate a beneficiary receives a percentage or set amount at age 18 with increasingly larger distributions as the beneficiary ages and matures.

Contact Port St. Lucie Estate Planning Attorneys

To learn more, please download our FREE solid estate plan checklist. If you have additional questions or concerns about gifting to grandchildren, please contact the experienced Port St. Lucie estate planning attorneys at Kulas & Crawford by calling (772) 398-0720 to schedule an appointment.

Filed Under: Estate Planning

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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."

Janice M
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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.

Krissy L.
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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.

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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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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.

Joan C.
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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.

L.G.K.
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