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New grandparent? Estate planning should be on your to-do list

On Behalf of | Apr 23, 2021 | Estate Planning

If you are a grandparent, one of your greatest joys in life may be your grandchildren. You want to care for them and provide for them well after you are gone, and one way you can do this is through careful and thoughtful estate planning. Taking care of them through your estate planning efforts can help you avoid complications and provide peace of mind for years to come.

There are several ways you can benefit from estate planning. This process allows you to have more control over what happens to your wealth after you pass. As a grandparent, this probably means ensuring your kids and grandkids receive specific physical assets and money from your estate. Planning well means that you get the final say over what happens to your property and all of the wealth you built over your lifetime.

Writing your will and using other tools

Whether you are creating a will from scratch or updating an old will, this is often the first step in the estate planning process. You may have the assumption that the best way to leave assets and money to loved ones is through a will, but that is not necessarily the case. There are specific things you can accomplish through a will, but if leaving money to your grandkids is your primary goal, there are other ways you can do this effectively and with minimal complications.

One estate planning tool that may benefit you is a trust. Trusts may help you minimize estate taxes and protect money for minor beneficiaries. There are different types of trusts that can help you accomplish specific goals. Another way you can ensure you are able to give to your grandkids is by using annual gifts. Current tax laws allow you to give up to $15,000 per year to each grandchild without paying a gift tax.

The best approach for you

Every estate plan is different. The best strategy for your estate planning efforts depends on your goals and needs. It is unique to your financial goals, plans for the future and size of your estate. If one of your primary goals is to give to your children, it may be helpful to learn how to leverage specific estate planning tools that will allow you to accomplish this goal with minimal taxes and complications for heirs and beneficiaries.