Should I Help Pay For My Grandchildren’s Education?
Joel Johnson, CFP® discusses the topic of helping pay for your grandchildren’s education on this episode of Better Money Boston. Grandparents who wish to assist their grandkids with school funds have multiple options.
Gift Tax Education Exclusion
When money is given directly to the school, it is not considered a monetary gift by the IRS.
529 Plans
Qualified tuition plans are tax-advantaged plans designed to save money for future educational expenses.
Student Loans
Rather than helping pay for school directly, grandparents can help pay off loans once their grandchildren have graduated.
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