Grand Magazine - July/August 2008 - (Page 51)

Handcrafted in the U.S. by a 160-year-old family firm; chair is solid maple hardwood with cherry finish (or black with cherry-finished arms). Laser-engraved personalized message on back. Chair is $159; engraving is $27. www.childrensrockingchair.com Personal favorites are gifts for the new mom herself. Think about a personal chef to stock up the fridge or a house cleaning right before the baby arrives. My motherin-law stocked my freezer with lasagna, turkey Tetrazzini and chili before my big day. And what about a gift certificate to a local spa so mom can relax and get pretty right before the baby is born? Before you dive in head first, keep in mind two ground rules: Don’t get overwhelmed by the choices— and there are a lot of choices—and don’t become competitive with the other grandparents. There’s no need to buy the biggest, most elaborate gift. Apply logic. One woman who had just attended a baby shower reported that the new mom was given a baby-wipe warmer. “Ugh! It’s summer, and we live in Texas.” G A good primer on everything from baby slings to bath seats to diaper pails is The Baby Gizmo Buying Guide written by Heather Maclean (Nashville, TN: Thomas Nelson, Inc., 2008). Practical: a 529 college saving Plan Ready to burst with excitement that your baby is about to have a baby? This momentous occasion calls for a special gift; but before you snap up that adorable crib, think bigger. Way bigger. Think 529…and we’re not talking blue jeans. A 529 (named after Section 529 of the Internal Revenue Code) is a college-only savings vehicle that can dramatically impact your grandchild’s future. How? Grandparents can open a 529 for their grandchild and invest in the 529 up to $12,000 a year per grandparent, with the recipient incurring no gift tax. (Further, although the feds don’t let grand donors deduct the gift, many state income tax regulations do; check your state tax board for details.) Suppose at your grandchild’s birth you open a 529 with $2,000 and add $2,000 each year—contributing a total of $36,000 over 18 years. Big deal, right? But at a 10 percent growth rate, that $2,000 a year blossoms into about $114,500 by the time your grandchild is college bound. Like a well-tended seed, your grandchild’s 529 will flourish, thriving not on sun or water but on the beauty of time. And there’s one last gorgeous “benny”: Once it’s cracked open, 529 funds are entirely tax free. For a user-friendly guide, visit www.savingforcollege.com to learn how to create a gift that is almost as spectacular as that new baby you just can’t put down. —Wendy Irvine JULY AUGUST 2008 GRAND 51 http://www.RedHatSociety.com http://www.childrensrockingchair.com http://www.RedHatSociety.com http://www.savingforcollege.com

Table of Contents Feed for the Digital Edition of Grand Magazine - July/August 2008

Grand Magazine - July/August 2008 Contents Grand View: Love Is All That's Left Isn't It Grand?: Reassessing the Postponed Life Grand Central Just So We Know: One Mixed-Up Lemon Long-Distance Love: Cuttings Ask Grand: Stuck on Stuff Grand Gestures: "Thanks for the Ugly Gift" Tips on Teens: All That Doesn't Meet the Eye Live Long and Propser On the Cover: Peter Yarrow Presents of Mine Thicker Than Water? Reunions: White Water, White Knuckles The Grand Gourmet So We Are Not Alone Looking Grand: Suit-Able Grandbloggers: Why Watch TV When We Can Talk? Grand Bazaar Resources Grand Finale: What Boat

Grand Magazine - July/August 2008

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