GRAND Magazine - Spring 2021 - 24

grandparenting

Being a financial facilitator
BY RICHARD AND LINDA EYRE

O

ur column in last fall's issue was on being an Independence-Giver to your grandkids (See
it here). In that article, we focused on the dangers of entitlement attitudes in kids and
suggested some ways to help them see the world more accurately and to encourage
them to save and spend wisely. We now want to focus on four additional things that we grandparents may be able to do, particularly as our grandkids get older and as our circumstances
allow, to help them (in concert and agreement with their parents) to become financially savvy
and to understand the power of regular investing and compounding interest. Doing so in a carefully conceived way can facilitate their faster movement toward their educational and life goals.

Establishing a matching educational trust fund
Consider, with an estate planner you trust, setting up a fund in your will that will help with
grandkids' education when you are gone. Think about including some kind of " matching criteria " so that they have to come up with some of their tuition to trigger a match
from the trust. Have it be for education generally, not university specifically. A trade
school or apprenticeship should be as honored and supported as an Ivy League
college.
If you currently have college-age grandkids (it's as important to help wisely
while you are alive as when you are dead), work with their parents in providing
some of the same kind of matching help

Helping on first home purchase

Another thing a lot of us would like to help with financially is the purchase
of the first home for our grandchildren. Oftentimes, kids just finishing their
education and starting their careers have enough income to make monthly
mortgage payments on a reasonable home but lack the liquidity to make the
required down payment. In fact, they may be paying a monthly rent amount
that is as much as a mortgage payment would be if they were able to come up
with the down payment necessary to buy a home. If parents can help with the
down payment, they should be the first option, but you could be the second.
24 GRAND

Spring 2021

Continued on next page


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GRAND Magazine - Spring 2021

Table of Contents for the Digital Edition of GRAND Magazine - Spring 2021

Contents
GRAND Magazine - Spring 2021 - Cover1
GRAND Magazine - Spring 2021 - 2
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GRAND Magazine - Spring 2021 - Contents
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GRAND Magazine - Spring 2021 - 10B
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