It’s graduation season, which means you might be attending a few graduation parties soon. Gifts aren’t always expected, but it can be nice to give a graduate something they can use. Gifts don’t always have to be expensive or cost money at all – here are some gift ideas for graduation season.
If you were planning on just writing a check, consider specifying that it should be used for books and school supplies or other educational expenses. Alternatively, you can give a graduate a gift card to a store where they can buy essentials like bedding, books, or electronics. If you’re looking for a gift for someone going off to college far away, you might also consider gifting train or plane miles to help them pay for the cost of traveling home on holidays.
If you’re looking to declutter your home post-COVID, consider giving a book as a gift. You may have books that you loved but likely won’t read again that would be perfect for a high school or college student. The book may even have your name or your notes in it, which adds to its sentimental value.
Although there are a lot of wonderful things a college degree comes with, there are also student loan debts. You likely experienced or are experiencing the burden of paying for your child’s tuition and might be wondering how high tuition will rise by the time your grandchildren are 18. You can help to save for your grandchildren’s education – even if they don’t exist yet – using a 529 plan.
Once you contribute to a 529 plan, the funds can grow and be withdrawn tax-free for educational costs. If your grandchild isn’t born yet, you can name your son or daughter as the account beneficiary. Then, if grandchildren come along later, you can name them as the beneficiary instead. If you pass away, your adult child can take over the account and name their child as the beneficiary. If they do not end up having children, they (or you) can give the funds to any relative.
Contributing to a 529 plan can be a good way to pass on your values, as well as wealth. If you want to emphasize the importance of education and saving to your children and grandchildren, giving the gift of education with a 529 plan could be part of estate planning for your loved ones.
We understand the importance of planning for the future. We can help you create a comprehensive retirement plan that includes an estate and legacy plan. Click HERE to Schedule your complimentary financial review to learn how to take advantage of 529 Plan opportunities, as well as our retirement planning services at LakePoint Advisory Group.