Grandparents Day is almost here. If you’re a grandparent, you may want to use this day as an opportunity to think about how you can help provide for your grandchildren’s future.
For example, you could establish a 529 education savings plan, which can be used to pay for qualified expenses at colleges and at some trade and vocational schools.
You could also open a savings account for your young grandchildren. And you can encourage them to add to it by offering to match their contributions. You might also want to establish a custodial account, known as UTMA or UGMA, which can be funded with most types of investments.
And when your grandchildren become young adults, starting out in the working world, you could offer to help them with a down payment for a house. They might also benefit from some financial advice and guidance, so you might want to introduce them to a financial professional.
By helping your grandchildren at different points on their road through life, you can make their journey more pleasant – and, in the process, you’ll gain a lot of satisfaction, too.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.