• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • WHO WE ARE
    • About Our Firm
    • Attorney and Staff Profiles
    • News and Events
  • Areas We Serve
    • Essex County, MA
      • Andover
      • North Andover
    • Hillsborough County, NH
      • Manchester
      • Nashua
    • Middlesex County, MA
      • Concord
      • Lexington
      • Wakefield
      • Winchester
      • Woburn
    • Rockingham County, NH
      • Exeter
      • Londonderry
      • Salem
  • Services
    • Asset & Business Planning
    • Elder Law & Medicaid Services
    • Estate And Gift Tax Figures
    • Family-Owned Businesses & Farms
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Loss Of A Loved One
    • Pet Planning
    • Power Of Attorney
    • Probate and Trust Administration
    • SECURE Act
    • Special Needs Planning
    • Young Families
  • Elder Law
    • Coping with Alzheimer’s
    • Hospice Care
    • Medicaid Planning
    • Nursing Home Planning
  • Resources
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder law reports
      • Elder Law Resources
        • Elder Law Resources – Londonderry, New Hampshire
        • Elder Law Resources North Andover, Massachusetts
        • Nashua, New Hampshire Elder Law Resources
        • Woburn, MA Elder Law Resources
    • Estate Planning
      • Estate Planning Articles
      • Estate and Gift Tax Figures
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Free Seminars
    • Frequently Asked Questions
      • Asset Protection Planning
      • Business Planning
      • Charitable Gifting
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Incapacity Planning
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Trust Administration & Probate
      • Wills and Trusts
    • Newsletters
    • Pre Consultation Form
    • Presentations
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss Of A Loved One
      • Probate Resources
        • Nashua, New Hampshire Probate Resources
        • Probate Resources – Londonderry, New Hampshire
        • Probate Resources – North Andover, MA
        • Probate Resources – Wakefield, Massachusetts
        • Woburn, MA Probate Resources
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Published Books
  • Live Seminars
    • Online Seminars
    • In-Person Seminars
  • Videos
  • Contact Us
  • Blog
  • Reviews
    • Our Reviews
    • Review Us

DeBruyckere Law Offices, PC

Serving Southern New Hampshire & Essex Country, Massachussetts

Call us today(603) 894-4141

(978) 969-0331

Online Seminars
Attend Free Seminar
Home » General » Estate Planning and Grandchildren

Estate Planning and Grandchildren

September 19, 2014General

estate planning and grandchildren

Nothing like the generosity of grandparents. As kids, we adore our grandparents and as adults, we watch our parents become the grandparents as they influence our children; all the while, making sure the world knows that whatever the little darlings want, they’ll ensure they have it. And at some point, we begin to envy them and begin to look forward to the kind of happiness we hope to know when we’re older. It’s little wonder, then, that grandchildren are at the root of every decision made in one’s will. Estate planning and grandchildren go hand in hand.

Estate Planning and Grandchildren

Grandparents see their family’s legacy in those small faces that look up at them; it’s proof that a new generation is well on its way and for many, they want to be sure that next generation receives every benefit.

Often, those ample resources mean college tuition, summer camp fees, new cars, weddings and no shortage of weekend trips and full-fledged vacations. It’s not at all uncommon for grandparents to want to provide even more extravagant gifts if they have the resources. It could be the down payment on a home or some other expensive gift. Before you do that, though, there are a few considerations that will surely affect your decision.

No Favoritism Here

Keep in mind that all eyes are on Grandpa and how he handles the expensive gift with the rest of his grandchildren. In one instance, a client explained that he and his wife had two daughters. Each daughter grew up and had one child each. The oldest daughter divorced her husband and he quickly showed his true colors by not being in her son’s life. The other daughter has her own daughter.

In this instance, the little girl has grandparents on both sides of her family whereas her young cousin has only one set of grandparents – the client and his wife. Fortunately, they’re a close family and no one is bothered by the fact that a bit more attention has been paid to the grandson, especially considering how much they love both grandchildren and how obvious it is to anyone. That’s not always the case, though. Some families aren’t that close to where it won’t affect their family dynamics. Just be sure you understand you might have to defend your decisions for giving one grandchild an early inheritance or the fact that one grandchild may receive slightly more.

The Taxes

Ah, those pesky taxes. The good news is that the new federal laws mean you don’t have to worry about taxes unless your gifts cross that $5.25 million threshold. But there are annual limitations that you should keep in mind. Any gift to an individual in excess of $14,000 annually means a report on their tax returns. Now, each grandparent can give $14,000 each to the same person and bypass that notation on the tax return, but the minute you cross that threshold, it’s another story. That said, you’re not required to report payments made directly to medical and educational institutions for costs associated with health care, tuition or other similar disbursements.

These are just a few of the many considerations. It’s always a good idea to consult your estate planning lawyer to ensure you’re not creating future problems for yourself or the grandchildren you adore. To learn more, contact us today.
To learn more, please download our free legacy planning report here.

  • Author
  • Recent Posts
Daniel DeBruyckere
Daniel DeBruyckere
Attorney Daniel A. DeBruyckere has been practicing law in New Hampshire and Massachusetts since 1998, and has helped hundreds of clients with their estate planning and elder care issues. He is very well respected in the area of estate planning, probate, trust administration, elder law issues, and business planning.
Daniel DeBruyckere
Latest posts by Daniel DeBruyckere (see all)
  • How Can I Include Philanthropy in My Estate Plan? - April 13, 2021
  • Top 5 VA Benefits - April 9, 2021
  • 5 Things You Should Know about Medicaid - April 1, 2021

Other Articles You May Find Useful

North Andover estate planning attorneys
SSI and SSDI – Understanding the Difference
North Andover asset protection attorneys
Protecting Your Assets from the High Cost of Nursing Home Care
New Hampshire estate planning attorney
Where Does Your City Rank among America’s Healthiest Cities?
Holiday Scams and How To Avoid Them
Holiday Scams and How to Avoid Becoming a Victim
Contest a Will in Massachusetts
Do I Have the Right to Contest a Will in Massachusetts?
Contest a Will
How to Contest a Will in New Hampshire

DeBruyckere Law Offices, PC

Download our free Estate Planning Worksheet

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.
  • This field is for validation purposes and should be left unchanged.

Subscribe to Our Newsletter

Please fill out the form below:
  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

Blog Subscribe

  • This field is for validation purposes and should be left unchanged.

Testimonials

I felt complete trust and confidence in Dan DeBruyckere and his staff. They have a caring, low-key approach and there is no pressure to add products to the estate plan; rather he makes me aware of changes in the law, etc. I always learn something new to assist me in our planning!

LN

Your seminar was the only seminar we attended without financial advisors wanting to invest our money instead of protecting it! The information this firm provided was easy to understand even though it is a difficult topic. Thank you for all of your help!

HR

We both felt so comfortable in they way our Estate Planning was handled. We felt like someone was watching out for our best interest. Everyone we worked with at the firm was thorough, and explained everything in a way where we could walk away feeling like everything was complete.

RS

A truly great experience all the way through. Felt like we were a part of the family! Thank you.

LW

We could not have picked a more qualified law firm. Everyone that we came in contact with made us feel at ease.

Happy Client

We were very impressed with the statements put forth by Dan at the Seminar. We were impressed even more by their down to earth approach and the efficiency they accomplished it all.

Charles

Londonderry Office

Londonderry Office
One Verani Way
Londonderry, NH 03053
Phone: (603) 894-4141

See Larger Map Get Directions

Nashua Office

Nashua Office
76 Northeastern Boulevard, Unit 31B
Nashua, NH 03062
Phone: (603) 894-4141

See Larger Map Get Directions

North Andover Office

North Andover Office
231 Sutton St, Suite 1B
North Andover, MA 01845
Phone: (978) 686-4645

See Larger Map Get Directions

Woburn Office

Woburn Office
444 Washington Street, Suite 503
Woburn, MA 01801
Phone: (978) 969-0331

See Larger Map Get Directions

By Appointment Only

BEVERLY OFFICE

Beverly Office
900 Cummings Center Suite 204-U
Beverly, MA 01915
Phone: (978) 969-0331

See Larger Map Get Directions

Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Map

dadlawoffices_sidbr_map
  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
footer-logo

© 2021 DeBruyckere Law Offices
All Right Reseved.

Attorney Advertisement

© 2021 American Academy of Estate Planning Attorneys, Inc.