best gifts financial gifts for grandchildren for birthdays and holidays $100 or less
Also, We added our 2 sons to equal ownership of Michigan property. My husband and I and each of the boys, only. Not the wives. A modest summer cottage & some wooded vacant property.
Friends suggest it should have been a trust. What is the preferred. Have we made a mistake?
Too Much of a question?
Terry Says
Whoa — you are in the perfect position to benefit from a review of your situation by a trusted, fee-only FIDUCIARY advisor. Please watch this short video and you’ll understand completely.
So yes, this advisor will help you find an estate planning attorney to create a revocable living trust. Here’s another video that will explain!
As for small gifts to grandchildren, you should probably open a 529 College Savings Account.
You can add small amounts for birthdays, etc. REad this for info:
https://www.terrysavage.com/the-gift-of-college-529-plans/
I bet there’s other stuff to review, since you have such disparate questions. That’s the point of having a fee-only fiduciary advisor who is not trying to sell you something. To put the entire picture together — including all the missing pieces around estate planning, retirement income, taxes, etc etc. You should do this NOW!
