Estate Tax

Category Archives
Best Way to Give Money to Grandchildren for College

Best Ways to Give Money to Grandchildren for College

It’s no secret that college is often the biggest expense a student will ever encounter. For a recent high school grad, looking the potential heaps of college debt in the face probably feels pretty daunting, but many students are fortunate enough to have family to lean on. Many grandparents help to provide financial support for their grandchildren’s college expenses.

If you’re a grandparent finding yourself in just this kind of situation: bravo! It’s fantastic of you to offer help when you’re able, but did you know that some methods of financial assistance are actually better for everyone involved than others? Let’s look at the best way to give money to grandchildren for college.

The New New York State Estate Tax Exemption

How the New New York State Estate Tax Exemption Works

It’s likely that you may not have heard much yet about the New New York estate tax exemption—the legislation seemed to have passed fairly quietly on March 31 of this year, going into effect on April 1. This is the beginning of a fairly long “phasing out” period, with plans for the New York state estate tax exemption to gradually increase to meet the federal estate tax exemption by 2019.

Sign up for the CPA Chronicle monthly newsletter by clicking here

Contact Info

30 Jericho Executive Plaza Suite 500W, Jericho, NY 11753

Phone - 516.746.6322
Fax - 516.746.8679