“There are a number of strategies for grandparents to help, but you have to consider how these strategies might impact the whole family: the grandparents, their adult children, and the grandchildren,” says Mike Rusinak, vice president of Fidelity's Financial Solutions group. Once everyone ...
Opening savings accounts for grandchildren If you are asking yourself, “can I open a savings account for my grandchild” then the answer is yes, you can. Some people think you can’t because it’s only the parents who can set up a junior ISA. However, a grandpa...
Only people 18 and over can create a TreasuryDirect account. Guardians can link minor grandchildren to their accounts so that grandparents can give savings bonds electronically. If you don't know your grandchild's Social Security number, you can use your own for the purchase of a paper savings...
Can grandparents open a savings account for their grandchildren? expandable section Grandparents may be able to set up a savings account for their grandchild, so long as they have parental responsibility. If this is not the case, you may be able to set one up with permission from the chil...
There are plenty of options if you have money left over from a 529 plan. You can save the money for graduate school or transfer the remaining funds to another child. In addition, you could keep the money growing tax free for potential grandchildren. Or pay the 10% penalty and taxes on ...
Many grandparents want tohelp their grandchildren save for college. If your children’s grandparents want to help, work with them to ensure their gift doesn’t do more harm than good. If a grandparent opens a 529 plan with a grandchild as the beneficiary, then distributions from the plan ar...
It'll be important for retirees to strike a balance between the two buckets, to make sure they're not being too conservative or too risky. The strategy can also get complicated fast. You might have more than two buckets: one for emergency savings, or one for children and grandchildren. "...
Having previously made it possible for grandparents to buy Premium Bonds on behalf of their grandchildren, this year we extended the option to any adult – meaning that friends and family members can now buy Premium Bonds as a gift for children. This has proved popular and, alongside the ...
A child you’re responsible for The definitions of family member, occupied, and incapacitated are precise. But they’re also quite wide-ranging, including grandchildren, step-, adoptive- and in-law relationships. The family member concerned must have been living in the property before you went ...
Plans help fund grandchildren's college (December 10, 2007) Grandparents, 529 plans are great match (November 12, 2007) Custodian can invest in 529 plan (October 15, 2007) Buy college plan through bank or broker? (October 1, 2007) Added burdens for trustee (September 17, 2007) Keep educa...