Legacy Planning – Paying for Grandchildren’s College

Wills Attorney in Overland Park

Grandparents often want to help finance their grandchildren’s education. A simple technique is to make tuition payments on behalf of your grandchild. So long as you make the payments directly to the educational institution, they avoid gift and generation-skipping transfer (GST) taxes without using up any of your $5.49 million gift or GST tax exemption or $14,000 annual exclusion. Even if these taxes are repealed, as long as education funding is your goal, this strategy likely won’t have any negative impact. Contact us to learn about all of your funding options.

 

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