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Planning for your children’s or grandchildren’s college expenses is simple in theory. In execution, though, the process is often complex and confusing. Allow one simple principle to guide your plans: the earlier you begin saving, the more your money can benefit from tax-advantaged growth potential. After determining expected college expenses, use these tools to help put your kids or grandkids o...
You thought you purchased just about everything for your child for college, but don’t forget one more important item: a health care power of attorney or health proxy.
When a child turns 18, parents don’t have much authority under federal law to remotely access medical records or make decision. With the medical privacy law HIPAA, you Read More Many parents face this issue, says NJ 101.5 in its recent post, “When you don’t trust a child with money.” There are some children, regardless of age, who need help managing their finances. By the same token, there are also some children who are good with money who make mistakes... When a grandmother wants to give her two grandkids $50,000 each for college, there can be tax and financial aid consequences. The best way to go about this depends on what’s most important to the grandmother, says New Jersey 101.5’s article, “Several ways to gift money for college.” If you have multiple grandchildren with 529 college-savings accounts, can you move some money from one grandchild’s account into the oldest grandson’s account, since he’s starting college in the fall? Kiplinger says you sure can in “How to Tr...How to Plan For a Kid Who Can’t Handle Finances
Read More Giving Grandkids Money for College
Read More Moving 529 Money Between Beneficiaries is a Piece of Cake
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