Many grandparents are looking with alarm at the high costs of education and homes, the impact of high interest rates and inflation, the disappearance of defined-benefit pension plans, and recognize that their grandchildren face significant hurdles on their journey toward financial security. In turn, some are stepping in to help.
“We’re working with several of our clients who have multiple grandchildren to create a plan for helping [them out],” says Maili Wong, senior wealth advisor and senior portfolio manager with the Wong Group at Wellington-Altus Private Wealth Inc. in Vancouver.
“It’s almost like a generation-skipping benefit, but in a way, it also inherently helps their adult children create a nest egg for the kids.”
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