• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • Career Opportunities
    • Meet Our Team
    • News and Events
    • Seniors Rock Radio
  • Estate Planning
    • Elder Law & Medicaid Planning
    • Estate Planning Services
    • Estate and Gift Tax Figures
    • Family Farm Succession Planning
    • Family-Owned Businesses & Farms
    • IRA Planning
      • Planning With An IRA
      • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law Resources
      • Elder Law Reports
    • Guardianship & Conservatorship
    • Hospice Care
    • Veteran’s Benefits
  • Resources
    • Definitions
    • FREE Estate Planning Worksheet
    • FREE Webinars
    • Estate Administration Legal Guide
    • Estate Planning Articles
      • Questions for Your Estate Planning Attorney Before Creating Your First Estate Plan
      • How to Create Your First Estate Plan in 2022
      • How to Choose a Guardian for Your Child
      • Address These Three Questions in Your First Estate Plan
    • Estate and Gift Tax Figures
    • Frequently Asked Questions
      • Adult Guardianship
      • Alzheimer’s Care
      • Custodial Accounts for Minors
      • Estate Planning
      • FAQs for Families Without an Estate Plan
      • Elder Law
      • IRA & Retirement Planning
      • Is Your Estate Plan Outdated?
      • Legacy Planning
      • LGBTQ Estate Planning
      • Medicare and Social Security
      • Probate
      • Probate Avoidance
      • Irrevocable Trusts
      • Trust Administration
      • Trusts
      • Veterans’ Benefits
      • Wills
    • Newsletters
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Reviews
    • Our Reviews
    • Review Us
  • Medicaid Planning
    • Medicaid Planning
    • Emergency Medicaid & Nursing Home Planning
    • Medicaid Frequently Asked Questions
    • Medicaid Resources
  • Blog
  • Contact Us

Law Office of Michael Robinson, P.C.

Estate Planning Services in Rochester, New York and the Finger Lakes Area

Connect With Us Today

(585) 546-1734
Law Pay Button
Attend a Free Webinar
Home » Estate Planning » Estate Planning Advice for Grandparents

Estate Planning Advice for Grandparents

August 6, 2018Estate Planning

A Finger Lakes estate planning attorney can provide advice on making an estate plan for people in all different kinds of situations. Your family situation will have a major impact on the plans that you wish to make regarding what happens to your assets after you pass on. The Law Office of Michael Robinson, P.C. can explain how your family structure can impact the type of steps you need to take to facilitate the transfer of assets to your loved ones. Naples Estate Planning Attorney

Making the right plans is vital so you can ensure that your heirs or beneficiaries will be able to inherit the maximum assets possible in a timely manner.  If you are a grandparent and you want to provide an inheritance to your grandchildren, for example, you should reach out to a Finger Lakes estate planning attorney at The Law Office of Michael Robinson, P.C.

We can help you to understand the issues that can arise when grandparents provide an inheritance and can guide you through the process of making certain that the legal tools you use are the best way for you to provide for the grandchildren that you love.

Estate Planning Advice for Grandparents

If you are a grandparent who wants to leave money to a grandchild, there are a few key issues that you need to think about when you determine the best approach.

One issue is whether your estate is large enough to trigger estate tax or not. As of 2018, you’re allowed to pass on $11.18 million tax free but if your estate is valued at more than this amount then you will owe federal estate tax unless you leave assets to a spouse, since wealth transfers to surviving spouses are not subject to tax at all.

New York also has a state estate tax and the threshold for when you are taxed is lower at $5.25 million.  If you end up owing taxes on your estate, you will significantly reduce the amount of money that you leave for your grandchildren.   You should work with an experienced attorney on developing a plan to reduce or avoid estate tax while facilitating the transfer of as much of your wealth as possible to your grandchildren.

Another issue is whether your grandchildren will be able to inherit directly from you or not. If your grandkids are under the age of 18, they aren’t legally allowed to manage their own inheritance  and so a guardian would potentially need to be appointed by the court if you simply left assets to a grandchild without any further instructions.

You should talk with an experienced attorney about whether you can facilitate the transfer of wealth through the Uniform Transfers to Minors Act or you can work with an experienced attorney to create a trust which will provide the maximum level of protection and control of trust assets.  An experienced attorney can advise you on the best way to structure an inheritance so it is used responsibly to provide for the child while the child is young and so the money can be transferred in a quick, effective way to the young person who inherited once that young person becomes an adult.

Getting Help from a Finger Lakes Estate Planning Attorney

A Finger Lakes estate planning attorney assists grandparents in making the best estate plan for their situation so they can provide an appropriate inheritance to grandchildren or to other loved ones. We can also provide personalized assistance to people with all different family structures and in all different living situations. If you are young and many years away from becoming a grandparent, you still may need an estate plan to provide for the family and friends who rely on you, so don’t wait too long to make your plan in case something happens to you.

The Law Office of Michael Robinson, P.C. makes the estate planning process easy, no matter how old you are or who you wish to leave your assets to. In order to find out more about the legal services our compassionate and knowledgeable legal team can offer you, join us for a free seminar. You can also give us a call at (585) 546-1734 or contact us online to get personalized help with your estate plan.

 

  • Author
  • Recent Posts
Michael Robinson, Estate Planning Attorney
Michael Robinson, Estate Planning Attorney
Clients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors.
Michael Robinson, Estate Planning Attorney
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
  • How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
  • State Income Taxation of Social Security Benefits - August 24, 2022
  • Understanding Tax Apportionment Clauses - August 17, 2022

Other Articles You May Find Useful

How Estate Planning For A Family May Trap The Unwary Practitioner 150x150
How Estate Planning for a Family May Trap the Unwary Practitioner
State Income Taxation Of Social Security Benefits 150x150
State Income Taxation of Social Security Benefits
Understanding Tax Apportionment Clauses 150x150
Understanding Tax Apportionment Clauses
estate planning
Estate Planning in Five Easy Steps
How Do I Trust Thee…Part III 150x150
How Do I Trust Thee…Part III
How Do I Trust Thee…Part III 150x150
How Do I Trust Thee…Part I

Primary Sidebar

Law Office of Michael Robinson, P.C.

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

TESTIMONIALS

News & Events

Seniors Rock Radio Show Recording 5-1-21

https://drive.google.com/file/d/1U7UkQbEGy-xY7XFAXvX9Qz7pKSVDVV3D/view?usp=drive_web   Author Recent Posts Michael Robinson, Estate Planning AttorneyClients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors. Latest posts by Michael Robinson, Estate Planning Attorney (see all) How Estate Planning for a Family May Trap the Unwary Practitioner -... Read more →

Rochester Office

80 Linden Oaks Drive, Suite 310
Rochester, NY 14625
Phone: (585) 546-1734
Fax: (585) 485-0394

See Larger Map Get Directions

Map

mrobinson_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
robinson law logo

The Law Office of Michael Robinson, P.C.

Attorney Advertisement


© 2023 American Academy of Estate Planning Attorneys, Inc.