Educating Grandkids by Doug Mayberry on Creators.com

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Educating Grandkids

Q: Our twin grandchildren are home for the holidays, and we have heard more about their goals and hopes for their futures. Wisely, they have asked and are continuing to do so for counseling and advice from their professors. They are focusing on jobs after graduation.

They are asking questions like: Who will offer the best paying jobs? But they are being told that they have a new competitor besides each another and their fellow students. The third party challengers are the machines. As computers continue to become even more capable of grinding out information and data, they are improving their share of the job market because machines do not require salaries, medical benefits or profit sharing, and they are available to work 24 hours a day. Most of us did not have that type of competition when we were job hunting.

Their parents can now pay their education expenses but are highly unlikely to be able to fund graduate degrees. How can we help out then, if need be?

A: Future financial needs for graduate education may be possible by applying for student loans, internships, scholarships and part-time work. To get the ball rolling, consult an estate planner familiar with student financing needs. What better time than this is to look ahead and set up savings accounts for their futures? For example, currently, under Internal Revenue Service regulations, you can gift to an individual up to a maximum of $13,000 per year without taxation. Increased costs for education are obviously ahead. Each of your grandchildren may choose a different path, perhaps one career oriented and the other choosing to raise a family.

Individual accounts offer individual options.

After you have your plan in place, discuss it with your grandchildren. Tell them their birthday gifts, which they now receive may be smaller next year, but the checks will go into their trust accounts. That should prove to be a great incentive to keep those grades up!

Q: My husband totally handled our checking account before our retirement. It did not concern me. However, upon retirement, I asked him to set up an individual checking account for me, so I can use the funds for buying gifts and personal items for myself. He willingly did so. This worked out well, and, in fact, I thought I actually had more in my account than he contributed. But I have just received a notice from my bank that I have overdrawn and my account has been debited $25, which he will eventually learn. I know this will make him unhappy. What should I do?

A: This event may turn out to be a great opportunity for you both to learn and handle your joint finances. During many of our generations, the husband's responsibilities included handling the family's finances.

In today's world both sexes need to know, share and understand the family's financial situation. Tell your husband about your debt, and suggest it was a good thing that it happened because it is the wake-up call you both needed regarding your family's finances. At some point in your lives, there is always a possibility that health, an accident or even divorce may intervene, which requires a change of financial responsibility. The time to do act is now ! You both will be happier.

Doug Mayberry makes the most of life in a Southern California retirement community. Contact him at deardoug@msn.com. To find out more about Doug Mayberry and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website at www.creators.com.