Many individuals in Louisiana and elsewhere may encounter a desire to make changes to their goals for the future upon experiencing certain changes in life. Those who recently had the pleasure of welcoming a grandchild into the world may wish to take steps to protect and provide for the child’s needs. Although there may be a variety of estate planning tools to help grandparents achieve such goals, some might not be certain of which of these options best fits their situation.
Addressing the options
Experts indicate that grandparents may have various options to choose from when wishing to leave money to a grandchild. As gifting money in excess amounts at one time could trigger costly tax fees, one may feel more inclined to seek out options to shield his or her loved ones from similar concerns. Some potential options could involve setting up a trust and listing the grandchild as beneficiary or making annual gifts in amounts that do not exceed certain limits.
Gaining insight on tax rules could play an essential role in helping a person prepare to make informed decisions about the available options. In some cases, grandparents may also find it helpful to teach their grandkids about financial responsibility and evaluate their ability to manage funds as they grow up prior to deciding on a path. Such endeavors may not only limit the odds an inheritance may be wasted but it could also help one’s grandkids better prepare for the future.
Advice on the options
Grandparents who wish to better understand all their available estate planning options and how to choose a path that best aligns with their wishes could benefit from seeking advice from an experienced attorney. An attorney in Louisiana can evaluate all a client’s wishes and needs and assist in creating a plan that best fits his or her preferences. Such guidance could be essential to helping place a person in a better position to provide for and protect the future interests of his or her grandkids.