Looking for a Fee-Based Financial Advisor for Gifting & College A
Hi all,
I’m seeking recommendations for a friend for a fee-based financial advisor who can help them navigate the best ways for a grandparent to gift money to young grandchildren while maximizing tax benefits and minimizing the impact on future college financial aid. Any advice or recommendations for an advisor experienced in this area would be greatly appreciated!
Thanks!
Sep 12, 2024
Parent Replies
Have the grandparents open a 529 account for the grandchildren.
"Also worth noting: 529 assets held in grandparents’ names for their grandchildren aren’t considered in federal student aid applications, and because the rules have recently changed, withdrawals from grandparent-owned 529s to pay for education expenses no longer negatively impact the student’s future Free Application for Federal Student Aid (FAFSA) filings."
https://www.ml.com/articles/could-your-529-education-savings-account-limit-your-childs-financial-aid.html
If you want a fee-only advisor generally, I would recommend BlueSky (https://blueskywa.com/).
Hi Elise,
Though not a financial advisor, I highly recommend my accounting firm, https://dimovtax.com/. They've helped me through various tax scenarios and I've had a great experience. I suggest you reach out to ask about their expertise with monetary gifts, I bet they'll be able to help! team [at] dimovtax.com (team[at]dimovtax[dot]com)
Warmly,
Naama