Just when you think you’ve reached a point in life where you know exactly what love is, along come grandchildren. And it’s fun to spoil your grandchildren! When they are little, it’s so easy. You can let them have ice cream before dinner, give them that amazing game system they wanted (and their parents wouldn’t buy), or let them stay up extra late.
There are more momentous ways to make your grandchildren’s lives a little sweeter as they get older. If you are fortunate enough to have the ability to gift financial assets to your grandkids, there are a lot of different ways to legally sidestep taxes for both you and your grandchildren. And a number of these options also make it possible to earmark the money for specific purposes or protect it for when a child is older.