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A roundup of elder law news and practice development articles culled from news sources across the nation during the week of April 16, 2024, to April 22, 2024.
READ MOREThe Supreme Court of the State of Kansas upholds the decision of a lower court in a case concerning the legal duty of a spouse to provide medical and subsistent care or summon medical care for the other spouse. In...
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FROM THE KNOWLEDGE BANK
Gifting assets to your grandchildren can help them get a good start in life — it can also reduce the size of your estate and the tax that will be due upon your death. You can accomplish this in different ways.
Perhaps the simplest approach to gifting is to give the grandchild an outright gift. You may give each grandchild up to $17,000 a year (in 2023) without having to report the gifts. If you're married, both you and your spouse can make such gifts. For example, a married couple with four grandchildren may give away up to $136,000 a year with no gift tax implications. In addition, the gifts will not count as taxable income to your grandchildren (although the earnings on the gifts, if they are invested, will be taxed). Just remember that any gift can interfere with Medicaid eligibility.
But you may have some misgivings about making outright gifts to your grandchildren. There is no guarantee that the money will be used in the way you may have wished. Money that you hoped would be saved for educational expenses may instead be spent on a fact-finding mission to Fort Lauderdale. Fortunately, there are a number of options to protect against misuse of the funds:
To determine the best way to provide for your grandchildren, contact your attorney or find an attorney near you.
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