If you're a grandparent who wants to spoil grandkids, there are better was to do it than giving them anything they want immediately.
Instead of doting on them now, it may be in your best interest to invest in their future. However, if you have more than one grandchild, you're going to have to do a bit of public relations before handing out significant financial gifts.
Rebecca Pavese, a certified public accountant and financial planner with Palisades Hudson Financial Group's Atlanta office, notes that handing out assets to grandchildren can be particularly problematic with large families. For example, if a grandparent has multiple grandchildren of varying ages and has been each of them gifts of varying sizes since birth, the amounts may not be equal. If that causes animosity, there are always ways to level things out.
"Only you can make the decision to equalize gifts to your grandchildren, but if you choose to do it, it's important to plan," Pavese says. "Remember, fairness does not always mean equality."
You should consider the wealth some grandchildren may inherit from their own parents and the chances your grandchildren have to be financially successful. If one of the children in question is making an executive salary and married to a corporate attorney, their family will likely be able to pay for college and weddings. However, if other grandchildren are just making ends meet, you can specify that assets can transfer only to the grandkids whose parents are just getting by. If your child who is doing well wants to disclaim his or her request, only then will it pass on to the grandchildren