Grandparents: Consider These Financial Moves

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WAXHAW, NC – It’s almost National Grandparents Day. If you have grandchildren, how can you help them on their journey through life?

Here’s one suggestion: Contribute to an education fund, possibly by investing in a 529 plan.

If you want to set up a platform for simply gifting money to your young grandchildren, you might want to consider a custodial account, known as a UGMA or UTMA. But once your grandchildren reach the age of majority, they’ll gain full access to the money and can use it however they choose – and they might not choose a college. In any case, see your tax advisor before setting up a UGMA or UTMA.

For older grandchildren who might be saving for a new home or some other major goal, you could gift $15,000 per year, per recipient, without incurring gift taxes.

And don’t forget your estate plans – you may need to adjust your will or living trust to accommodate your wishes for your grandchildren.

The world is an expensive place, and any assistance you can provide to your beloved grandkids can make a big difference in their lives.

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Dylan Hales
I'm a native North Carolinian, who grew up in the eastern part of the state. My folks exhibited and instilled many of the values that I still hold close to today. I had the opportunity to earn a bachelors from NC State, which is where I met my wife. We married shortly after she graduated in 2016. She grew up in this area, so we moved back to the Wesley Chapel area so we could be close to her family. Folks here have been more than welcoming and have made it feel just like home (minus the eastern NC BBQ).

People often ask what I like to do when I'm not at the office. That mostly depends on what time of year it is. During the spring and summer I like to work on my garden. During the fall and winter I love keeping up with NC State football and basketball. We also have two rescue dogs who like to explore the state with us.

Since I've been in Wesley Chapel, I've noticed that most folks just like me. We're all from somewhere and we've all come here following the things we love. I want to understand what those things are for you, and help get you there.