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A Checklist for New Grandparents

Grandfather holding granddaughter

Are you looking to play an important role in a new grandchild’s life? Following are some options you can discuss with your financial advisor.

How to get started

  • First, be sure to balance your desire to give with your need for income.
  • Learn about the tax considerations of making financial gifts to family members.
  • Decide how you want to gift to your grandchild. Your financial advisor can help you explore various options.
  • Consult with an estate-planning attorney regarding options for including your new grandchild in your estate plan.

Gifting ideas

  • Help fund your grandchild's future education by contributing to a tax-advantaged 529 plan.
  • Explore other options for gifting to grandchildren, such as annual gifts, custodial accounts and savings bonds. Each grandparent may gift up to $15,000 tax free for each child annually.
  • Consider using a permanent life insurance policy to create a legacy for your grandchildren.

How we can help

Adding another generation to the family is exciting, and your financial advisor is committed to being there for you through all of life's changes. Contact your financial advisor to learn more.

Important Information

Edward Jones, its employees and financial advisors are not estate planners and cannot provide tax or legal advice. Individuals should consult a tax professional regarding their specific situation.

Withdrawals used for expenses other than qualified education expenses may be subject to federal and state taxes, plus a 10% penalty on the earnings. Before investing, an investor should consider whether the investor’s or designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 qualified tuition program. Student and parental assets and income are considered when applying for financial aid. Generally, a 529 plan is considered an asset of the parent, which may be an advantage over saving in the student’s name. Make sure you discuss the potential financial aid impacts with a financial aid professional. Tax issues for 529 plans can be complex. Please consult your tax advisor about your situation. Edward Jones, its financial advisors and employees cannot provide tax or legal advice.

Some states and states' 529 plans may also recognize certain elementary and secondary education expenses as a qualified expense. Before using funds for elementary and/or secondary education expenses, please consult with the plan sponsor and/or a qualified tax advisor to avoid incurring potential state tax consequences and/or penalties.

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