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The Dispatch/Maryland Coast Dispatch
November 1, 2013
MONEY SENSE
Financial Guide For First-Time Grandparents
OCEAN CITY – Becoming a grandparent changes everything – including, often, your approach to your finances. When you hold the next generation in your arms for the first time, chances are good that money won't be uppermost in your mind. But it won't be long before you begin to think about how you can help to create a solid financial foundation for this newest member of your family. And having a strategy for incorporating your new grandchild's future into your overall financial picture can make a big difference when you're ready. Here's a guide to help you get started. Giving the gift of education. After the layettes, car seats, rattles and other baby paraphernalia have been purchased, the next thing you'll probably want to think about is how to help your grandchild pay for a good education. A single year's tu-ition at a public institution is expected to rise above $44,000 by 2030, and it's predicted to be twice that much at private schools, according to the U.S. Department of Education. Given this, the earlier you start a college savings program such as a Section 529 college savings plan for your grandchild, the more impact your income stream by purchasing an imgift is likely to have. With a 529 plan, mediate annuity. money you set aside has the potential Creating a trust. Another way to set to grow tax-free until it's needed, and aside a specified amount of money for there's no tax when the money is a child's future is to establish a spent on qualified higher education Uniform Gift or Transfer to Minors Act expenses. "If you start a 529 now and (UGMA/UTMA) account. In a typical let it build for 18 years, the tax savings arrangement, grandparents put monshould be significant," says ey into a UGMA/UTMA account Richard J. Polimeni, director of that can be used only for the education savings programs at benefit of the youngster. Either Bank of America Merrill Lynch. you or the child's parents are Setting limits. Even retired listed as custodian, and the cuspeople who have reserved sigtodian can make spending decinificant resources for discresions for the child until he or she tionary spending should give reaches the age of majority in careful thought to how much his/her state of residence. they plan to devote each year BRIAN SELZER The primary drawback to a to a grandchild's gifts, education and UGMA/UTMA is that once your grandother expenses. "It's important to balchild comes of age, he or she is free to ance your generosity with your retirespend the assets at will. To exercise ment needs," says Merrill Lynch Remore control over when the money is tirement and Personal Wealth Soluused, some states' UGMA/UTMA laws tions National Sales Manager Amanda may allow you to extend the age at N. Ross. Instead of simply giving gifts which your grandchild gains control of on special occasions or as needs athe assets. rise, Ross suggests working with your Reviewing your will. You now have Merrill Lynch Financial Advisor on a a potential new beneficiary, and you thoughtful giving strategy. One easy should make sure that your will reway to set limits is to create a defined flects that. In your current will, you may have stipulated that the inheritance will go to your daughter and her husband, on the assumption that it will also be used to care for any grandchildren. But what if family circumstances change – your daughter dies and her husband remarries, for example? There's no guarantee that your grandchild will receive the benefit you intended. To make sure that your grandchild receives the inheritance you want to leave, Ross suggests, you might establish a trust for the grandchild and indicate which assets you'd like placed in the trust after your death. Set up an appointment to talk with your financial advisor about these and other strategies soon after the birth of your first grandchild, suggests Ross. That way you can enjoy your new role as a grandparent to the fullest, without worrying about your own retirement security. And remember, your first grandchild may not be your last. – Brian Selzer Special To The Dispatch (A Merrill Lynch Wealth Management Advisor who can be reached at 410-2138520.)
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