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Follow on Google News | Start Grandparenthood Off on the Right FootExpecting a grandchild? Keep these tips in mind. This checklist helps you be ready to welcome another member of the family.
By: Edward Jones Show your excitement. • Keep your conversation with the expectant parents positive and supportive. You’ve “been there and done that” when it comes to parenthood, and you can offer them valuable perspective. But don’t be overly excited. • Make sure it’s OK with the parents-to-be before you share the big news. • Check with the new parents before you shower the baby with gifts and visits. • Remember that other grandparents and relatives may be vying for their own “baby time.” • Don’t make big lifestyle changes unless the new parents request it. For example, don’t quit your job or move next door unless they need this type of help. Consider helping out financially. • First, find out how the new parents feel about accepting financial help. Some people are grateful for the extra cash, but others may resent it. • Balance your desire to give to your grandchild with your own need for income. Your Edward Jones financial advisor knows your entire financial picture and can help you determine how much you can afford to give. • Ask your tax professional about making financial gifts to family members. • Explore various gifting options for your grandchild. He or she may want to go to college someday – a college fund could come in handy down the road. • Ask your estate-planning attorney about including your grandchild in your estate plan. Look for other ways to be helpful. • As your grandchild grows, share interesting stories about your family tree. • Be available to help out when needed – the new parents will appreciate it! It’s exciting to add another generation to your family, and your financial advisor is ready to work with you on the best way to help the new baby financially. To get started, contact your financial advisor today. End
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