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Leaving Bequests to Grandchildren

by David Cutner, Elder Law Expert
November 20, 2015

Question: I would like to leave some money for my grandchildren. What is the best way?

Answer: That is a difficult question to answer without knowing more about your personal circumstances. One approach might be to leave bequests to your grandchildren in your Will.  Another approach would be to create a trust, and then provide for the bequests in the trust. Of course, you would likely have other reasons to create and fund a trust, such as Medicaid planning, or avoiding probate. If you are considering making gifts to your grandchildren during your lifetime, be aware that gifts of up to $14,000 per person per year can be made without the obligation to file a gift tax return, and they do not count against your lifetime exemption from federal estate and gift tax.

David Cutner is one of the founders of Lamson & Cutner, P.C., a preeminent Elder Law firm in New York City and Westchester County. Mr. Cutner is known as an experienced and compassionate advocate for the elderly and disabled. Personal attention to the financial and health care needs of each client, and accurate, individualized advice, are hallmarks of the firm. Mr. Cutner helps clients achieve their goals in a cost-effective way.

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