Female graduate in cap and gown hugging mother

Graduation Gift Ideas for Estate Planning-Savvy Parents

Discover unique graduation gift ideas that show your child their achievement is being taken seriously. In addition to the intrinsic monetary value of such a gift, it will help them begin to focus on the importance of being responsible in order to have a secure future. Surprenant & Beneski, P.C., an accomplished law practice serving clients throughout Southeastern Massachusetts, offers estate planning services tailored for your graduate. We will help you provide a meaningful gift designed to nudge them toward maturity and financial independence.

Graduation marks a significant milestone in a young adult’s life, symbolizing the transition from adolescence to adulthood. As parents, finding a gift that reflects the magnitude of this occasion, offering both meaning and practical benefit, can be challenging. At Surprenant & Beneski, P.C., we are committed to looking ahead and planning for the future. We suggest considering one of the following estate planning gifts as an expression of love and respect. 

Financial Literacy Course

Providing your graduate with a financial literacy course can be an invaluable investment since graduation is a time when most young people begin managing their own finances. Many will begin working and paying taxes; some will be living on their own for the first time and making larger purchases than they have in the past. Budgeting will become vital, as will understanding how to handle credit. 

A comprehensive course in financial literacy can provide your graduate with the knowledge to make informed decisions about budgeting, investing, using credit wisely, and saving for the future. Understanding the basics of financial planning, including the importance of estate planning, will empower your youngster to start off on the right foot by managing finances wisely from the beginning.

An Initial Consultation With One of Our Estate Planning Attorneys

Offering your graduate a consultation with a knowledgeable estate planning attorney will introduce them to the concepts of wills, trusts, healthcare proxies, and powers of attorney. This early introduction will help them appreciate the value of planning, both to reach their goals and to prepare for the unexpected so that they will be well-equipped to take responsible steps toward their future.

Legal Document Package

Let’s face it: adulthood requires quite a bit of documentation. Your child might as well become familiar with paperwork pertaining to the future. Although teens view their driver’s license as a valued ticket to increased freedom, many young people don’t fully understand the purposes of a will, a healthcare proxy, or a power of attorney. The best way to really understand legal documents is having them drawn up, reviewed, and executed. Why not offer your graduate the starter documents on which to state their personal preferences? 

Contribution to a Roth IRA

For the graduate who has started earning, contributing to a Roth IRA can be a wonderful gift. This gesture not only encourages saving for retirement from a young age but also introduces the concept of investing and the benefits of tax-free growth. Surprenant & Beneski, P.C. can guide you on how to set this up effectively, ensuring it aligns with your graduate’s long-term financial goals. Contributions are penalty and tax-free, and the principal and earnings grow tax-free over time.

Trust Fund Setup

Creating a trust fund for your graduates can provide them with a financial safety net, while also teaching them about asset management and protection. Whether you conceive the trust as a resource for education, buying a first home, or starting a business, a trust can be customized to support your graduate’s specific goals. Trusts can be set up to require that the beneficiary completes a desired task in order to access funds, an exercise that will help keep them focused.

Contact Us Now To Discuss Estate Planning Graduation Gifts

Though one of our gift suggestions may be more appealing to you than the others, we are happy to help you decide. In any case, choosing a graduation gift that focuses on the future, responsibility, and the significance of adulthood is a profound way to celebrate this milestone. Contact us today for a consultation.