Tax Advantaged things grandparents can do for grandchildren

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Love how OP is sleep deprived with a newbor …but I guess awake enough to ask how much money they can bleed from their parents.

Jeeezzz, she has a trust. Her parents plan to give her the money, she just is trying to figure out the best ways to do it for a kid. As posters have mentioned, there are many ways to pay direct for things and it's not considered a "Gift". hNW/UHNW families work hard to ensure they gift as much as possible while they are alive to reduce their estate tax amounts.
They also often smartly realize that the money has much more impact when kid/family is young than once the kid is 50 and grandkids are 20.

But you see how it sounds like someone is trying to get their greasy grubs on their IL's money, and coming here for suggestions?

not really. Seems like she's trying to figure out the best ways for them to pay for stuff, so they can pay for more now. That is what wealthy people do. And I believe it's her parents, not the ILs. So she grew up in that lifestyle and isn't money grubbing

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Love how OP is sleep deprived with a newbor …but I guess awake enough to ask how much money they can bleed from their parents.

Jeeezzz, she has a trust. Her parents plan to give her the money, she just is trying to figure out the best ways to do it for a kid. As posters have mentioned, there are many ways to pay direct for things and it's not considered a "Gift". hNW/UHNW families work hard to ensure they gift as much as possible while they are alive to reduce their estate tax amounts.
They also often smartly realize that the money has much more impact when kid/family is young than once the kid is 50 and grandkids are 20.

But you see how it sounds like someone is trying to get their greasy grubs on their IL's money, and coming here for suggestions?

not really. Seems like she's trying to figure out the best ways for them to pay for stuff, so they can pay for more now. That is what wealthy people do. And I believe it's her parents, not the ILs. So she grew up in that lifestyle and isn't money grubbing

Some people think that doing anything with your money besides locking it up and using it to manipulate your grown children while preparing to make massive donations to Uncle Sam and the state government is called greed. My idiot father is like this. He literally shut us out of the family after my grandparents died, wrecked their car for the insurance money, and is trying to drain it for his own benefit because my grandparents had an estate plan that didn’t include him. I could sue but it’s not worth it to me, honestly. He’d probably kill my mother if I did. He’s violent.

OP, if the grandparents aren’t offering specifically and showing proof of it, just assume it’s gone and live your life. Don’t allow this inheritance stuff to consume too many brain calories.

[Anonymous]

Anonymous wrote:They can also open their own 529 in your child's name if they don't want to gift to your husband...

Do not do this. It would count against the child when it comes time to apply for financial aid. Money in the child's name is weighted more heavily in the calculations. Have the grandparents open it in THEIR names. i.e. the owner of the 529 would be the grandparent and the beneficiary will be the child.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Love how OP is sleep deprived with a newbor …but I guess awake enough to ask how much money they can bleed from their parents.

Jeeezzz, she has a trust. Her parents plan to give her the money, she just is trying to figure out the best ways to do it for a kid. As posters have mentioned, there are many ways to pay direct for things and it's not considered a "Gift". hNW/UHNW families work hard to ensure they gift as much as possible while they are alive to reduce their estate tax amounts.
They also often smartly realize that the money has much more impact when kid/family is young than once the kid is 50 and grandkids are 20.

But you see how it sounds like someone is trying to get their greasy grubs on their IL's money, and coming here for suggestions?

not really. Seems like she's trying to figure out the best ways for them to pay for stuff, so they can pay for more now. That is what wealthy people do. And I believe it's her parents, not the ILs. So she grew up in that lifestyle and isn't money grubbing

Some people think that doing anything with your money besides locking it up and using it to manipulate your grown children while preparing to make massive donations to Uncle Sam and the state government is called greed. My idiot father is like this. He literally shut us out of the family after my grandparents died, wrecked their car for the insurance money, and is trying to drain it for his own benefit because my grandparents had an estate plan that didn’t include him. I could sue but it’s not worth it to me, honestly. He’d probably kill my mother if I did. He’s violent.

OP, if the grandparents aren’t offering specifically and showing proof of it, just assume it’s gone and live your life. Don’t allow this inheritance stuff to consume too many brain calories.

My parents definitely want to help out their grandchild and I’m very grateful for that. My father wants to discuss the issue when he’s in town so I’m just trying to get prepared for the discussion. They already have their estate planning in place which we have discussed in detail except for the amount of money at issue but a lot of it is in properties so obviously that can change. Now I need to discuss the grandchild piece of it because during the pregnancy I was just told “it’s fine” but it’s hard for me to plan based on that alone so I would like to know some specifics. I feel awkward asking my dad how much money because well… that’s awkward but I know he’s planning for the estate tax and based on property valuations alone it’s well above that. The only reason it’s worth mentioning that is because it influences how the money is distributed during their life. My dad loves doing this stuff so I know he will enjoy the conversation especially if I’m well prepared.

[Anonymous]

Mine paid for the nanny bc they felt strongly we do nanny over daycare. But then when we disagreed we paid our own daycare expenses. They have a 529 for kids. Kids have trust- they can’t access until sometime far far in the future. Grandparents pay for all vacations. Grandparents have homes near all grandkids and travel around helping out us all. Grandparents generally just pick up slack here and there with whatver we need- school clothes, etc. Such a blessing.