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Thought leadership series
Why Wait? Let that future inheritance have impact right now.
Does it make more sense to give the kids money now rather than leave it as an inheritance? For many families we work with, yes. Not just because it can make financial sense, but because you get to see the impact of your legacy while you're still here. A dollar that helps your grandchild attend the right school today can have a much bigger impact on your family than the same dollar arriving decades later. And you get to see the gift make a difference. The problem is, nobody wants to be the one to ask. Adult kids don’t want to seem greedy or entitled. Grandparents may not want to “overstep”. But the need could be real and easy to “fix”. Education is a great example. There are already tax-efficient ways to help while you're alive. Each grandparent can gift up to $19,000 per grandchild this year. A married couple can also superfund a 529 with up to $190,000 at once. And tuition paid directly to a school doesn't count against the annual gift tax exclusion at all. And that’s just one way to help. Maybe it's helping with a down payment on a first home. Helping launch a business. Paying for a family trip everyone will remember forever. Or simply giving your children a little breathing room during one of life's more expensive seasons. Of course, this only works if it doesn't jeopardize your own retirement. That's why planning comes first. By the way, if you're the grandparent, don't wait for your kids to ask. They probably won't. Start the conversation yourself. You might be surprised how much good your money can do today and how much joy you'll get from seeing it happen. That's exactly the kind of conversation we help families navigate every day. #EstatePlanning #FinancialPlanning #FamilyWealth #RetirementPlanning #LegacyPlanning
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