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Education
How old are your children now?
Depending on the childrens’ ages, can you add anything about 529 plans? I believe the grandfather could contribute to a 529 plan in the name of each child and receive certain tax benefits. (These benefits would be for the grandfather, not the great-grandchildren. If the grandfather doesn’t care about his own tax breaks, he can give any amount to anyone for any purpose. Gifts over a certain amount must be reported and might be taxed, but that is a problem for the grandfather, not the grandchild or great-grandchildren.)
January 19, 2022
2:02 PM