THREE THINGS EVERY GRANDPARENT SHOULD CONSIDER
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Many of our readers likely have grandchildren who are about to embark on their college education this month. This can often be an exciting time for families and is certainly a major step in your grandchild’s journey to adulthood. That being said, if you plan on passing on some of your assets to your family’s latest scholar, there are a few legal factors you need to keep in mind.
Recipe:
If you need an easy, healthy side dish with plenty of flavor, this green bean salad will be the perfect addition to your summer menu. Green Bean and Sesame Salad
State Lines
If your grandchild lives in a different part of the country or is planning on attending school out of state, you need to ensure your estate plan factors in the rules, regulations, and taxes of this new location. Not only do different states have wildly different tax rates on inheritance, they can even have different laws regarding what kinds of assets are transferable. An expert estate planning professional can help you navigate these confusing waters.
College Savings Plans
Ingredients
Many grandparents set up college savings accounts, like 529 plans, to help their loved ones pay for college. Most of these sorts of plans let you maintain control of the account until the money is withdrawn, typically on a semesterly basis. Therefore, it’s important to make sure a clear successor has been designated to manage this account in the event of your passing. This way, you ensure an uninterrupted flow of financial support to your grandchild throughout their higher education.
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3 cups green beans, ends trimmed 1 teaspoon white wine vinegar
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1 small red onion, finely chopped
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Small bunch of fresh mint
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Small bunch of flat-leaf parsley
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1 tablespoon olive oil
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2 tablespoons sesame seeds, toasted
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Salt and pepper, to taste
Trusts
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Kosher salt and freshly
Trusts, whether revocable or irrevocable, are flexible tools for leaving your grandchild with a legacy. They offer you plenty of control over which assets get passed to your beneficiaries and how that bequeathment takes place. This level of certainty is especially important when gifting to young adults and college students who may not be well-versed in the finer points of financing. Seeing a grandchild off to college is certainly something to celebrate! With a little forethought and planning, you can ensure you leave a great legacy to contribute to this student’s future. Our experts at Keystone Law would be happy to answer any questions you may have about looking after your grandchildren’s future.
Instructions
1. Bring a large saucepan of water to boil; cook green beans for 4–5 minutes; drain well. 2. In a blender, mix finely chopped mint and parsley with olive oil, vinegar, salt, and pepper. Blend until combined. 3. Add dressing, onion, and sesame seeds to beans. Toss together. Cool dish, then refrigerate until ready to serve.
Inspired by Delicious magazine
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