WebApr 24, 2024 · If your grandchildren are minors, you can set up either a UTMA account or a trust for the money, leaving a custodian in charge of managing it until they reach the age of majority. You can also name your … Web13 hours ago · Tom and Debbie Wencel have lived in their home for 30 years, but six years ago, when their daughter Jamie died shortly after the birth of her fifth child, they took …
Legal and Custody Help for Grandparents Raising Grandkids
WebApr 13, 2024 · More than 150,000 grandparents missing out on £1,500 state pension uplift: how to claim. Grandparents who provide childcare by looking after their grandchildren could be missing out on valuable state pension money worth thousands. We look at how much extra you could get and if you’re eligible WebIf you are married and you want to designate beneficiaries—such as grandchildren—other than your spouse, you may need written consent from your spouse. Otherwise, … ray\\u0027s weather beech mountain nc
Savvy Senior: Tips and tours for traveling with grandchildren
WebOct 4, 2024 · It can give the grandchild a head start on saving for retirement. Annual contributions are limited to $6,000 in 2024, subject to income limits. If the grandchild decides to go to college, the money in the Roth IRA will not be reported as an asset on the FAFSA. WebEach grandparent can annually give away, free of estate- or gift-tax liability, up to $12,000 a grandchild —$24,000 a year per grandchild if both grandparents contribute. But this method has its drawbacks. Even $24,000 a year may not be enough money for the grandchild’s education (private colleges can easily exceed $30,000 a year). WebJul 23, 2024 · Outright cash gifts. A common way for grandparents to help grandchildren with college costs is to make an outright gift of cash or securities. But this method has a couple of drawbacks. A gift of more than the annual federal gift tax exclusion amount – $15,000 for individual gifts and $30,000 for gifts made by a married couple in 2024 ... ray\\u0027s weather banner elk