Estate Planning Attorney Options for Grandparents
Estate Planning Attorney Joseph Hudack knows that there are several ways to plan for your grandchildren’s future. Different tools may be used to incorporate this newer generation into an estate plan.
One way is to give the gift of education. With college tuition rising every year for both private and public universities, setting aside money for your grandchild’s education is one way to plan for their future success. With a 529 plan, you can set money aside that has the potential to grow tax-free until it is needed. Better still, the 529 money remains tax-free when spent on qualified higher education expenses.
Another way to provide for your grandchildren is by establishing trust. You can set aside a specific amount of money that can be used only for your minor grandchild’s benefit. The child’s parents, or even grandparents themselves, can be listed as the custodians of the account. As a custodian, the designated adult can make spending decisions on behalf of the minor child until he or she reaches the age of majority in his or her state of residence — or the age listed in the trust instrument.
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For more information go to Hudack Law Estate Planning Attorney and areas of service. We are proudly serving California and Arizona, please call our California line at (877) 314-4309 or our Arizona line at (602) 777-7882.