A growing number of grandparents are
helping raise their grandchildren. Grandparents are giving their time and
money, helping with the cost of toys, clothing, education and extracurricular
activities. This can add up to thousands of dollars. Many millennials indicate
they could not afford their lifestyle if it were not for the help their parents
provide.
While helping to support grandchildren may
improve the quality of life for the grandparents, it's critical they build
their own financial security first. One way for grandparents to benefit their
grandchildren while protecting their own finances is contributing to a college
plan. This provides a potential tax break while preparing their grandchildren
for an education their parents might not be able to afford on their own.
If you would like more information on tax
breaks associated with education plans, give us a call at (518) 798-3330.
