In a previous article, we discussed 529 plans as a way to help contribute toward college tuition. In this article, we provide some food for thought before you help pay for your loved one’s educational costs.
Helping pay for college can alleviate a lot of stress that a grandchild or the parents of a grandchild may be feeling. It also makes the grandchildren happy and gives them the educational tools to forge a career and support themselves for the rest of their lives. This gift is one that many grandparents are not only happy to give, but look forward to.
As parents, we spend so much time ensuring our children have all the supplies they need when going off to college: the extra-long sheets, the microwave, the toaster oven. We should also make sure they have a power of attorney and a healthcare proxy.