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Hamptons.com
March 26, 2014

Smart Strategies For ‘Spoiling’ Your Kids And Grandkids

Rocco A. Carrieroby Rocco A. Carriero
in Real Estate
Home Real Estate

If you enjoy financially helping out your children and grandchildren, you’re not alone. Giving to them is fun and often provides immense satisfaction. The question is how to help without breaking the bank — and keeping everything in check. Here are some strategies and tips that can help.

  • Give only what you can afford. Your own financial security should be your first priority. Since there is no way to know with any certainty how long you will live or how the market will perform, make sure you give within your budget to avoid compromising your own financial health. Doing so will help ensure your generosity today doesn’t create a financial hardship for you — or your family members — down the road.

  • Give the gift of time instead of money. Even if you want to give money to your children and grandchildren, it may not be appropriate to do so. Many young couples and/or parents take pride in their financial independence. The experience of letting those we love live within their own means is an important life lesson. If your children prefer to make their own way in the world, consider giving the gift of your time instead of your money. Whether it’s spending the day at the beach, taking in a movie or volunteering, you’ll enjoy the time making memories together.

  • Discuss your intentions. If you would like to help support your grandchildren or save for their future goals, such as college, talk with your children to let them know your plans. This can help your kids do a better job with their own financial planning. For example, if they know how much you are saving toward a grandchild’s education, they may be able to save more of their dollars for retirement. Be sure to talk with your financial planner or tax advisor before setting up education accounts to identify the opportunities that are best suited to your goals and financial situation.

  • Give season passes. Instead of giving money or material goods, treat your children and grandchildren to experiences. Depending on their interests, give them an annual pass to their local zoo, science museum or water or theme park. If you can afford it, think about season tickets to the theater, orchestra or a local sports team.

  • Plan a vacation. Treat your family to a multi-generational family vacation. To help keep spending in check, create a budget and let everyone know what you do and don’t plan to cover — from travel expenses to food, lodging and excursions — so that everyone knows upfront what to expect. Also, be thoughtful of those who have to take time off of school or work by scheduling travel over national holidays or school breaks.

  • Give equally. To help prevent family battles and avoid damaging relationships, give equally to your children and grandchildren to the best of your ability. If you need to give more to one person to help him or her through a rough patch, consider adjusting your will if you want to even things out.

  • Clarify whether you’re making a loan or giving a gift. If you are loaning money, be specific about the terms and a repayment plan. Also, make sure you have a written document that both parties sign and date. This will help safeguard your financial situation if things go bad by providing you with legal recourse. If you are giving a gift, be upfront about it. Let the recipient knows it’s a gift to alleviate any uncertainty about whether or not they need to pay you back.

    For help determining how much you can give and/or ways to leave the legacy you desire, consult your financial professional. He or she can evaluate your financial situation and create a strategy to help you meet your goals.

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    LOCAL EVENTS

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    • It’s Mother’s Day Weekend! ⁠
⁠
From fine jewelry to live music, art, brunches & nature — here’s what’s happening:⁠
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💎 Jen Proudman Jewelry Pop-Up⁠
🗓️ Friday, May 9 | 2–5PM⁠
📍 Le Closet, 9 Windmill Lane, Southampton⁠
✨ Shop stunning gem-carved fine jewelry while browsing luxury consignment.⁠
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🎬 Gary Cooper Festival⁠
🗓️ Fri, May 9 – Sun, May 11⁠
📍 Southampton Playhouse, 43 Hill St⁠
🌟 A weekend honoring a Hollywood icon with screenings and celebrations.⁠
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🖼️ 17 Women Art Exhibition⁠
🗓️ Sat, May 10 – Sun, May 11 | 11AM–4PM⁠
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🎨 Featuring painting, sculpture & photography by 17 female artists.⁠
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🏛️ Southampton History Museum Spring Fair⁠
🗓️ Saturday, May 10 | 11AM–4PM⁠
📍 17 Meeting House Lane, Southampton⁠
🎶 Live 19th-century music, local legends, crafts, games & more!⁠
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🍳 Artists’ Table Brunch @ Watermill Center⁠
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🌹 LongHouse Talks: Roses in the Garden⁠
🗓️ Saturday, May 10 | 2–4PM⁠
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🎸 The Barnstorm Live @ The Clubhouse⁠
🗓️ Saturday, May 10 | 9PM⁠
📍 174 Daniels Hole Rd, East Hampton⁠
🎤 NYC’s favorite party rock band hits the Hamptons!⁠
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🗿 Vadis Turner’s “Venus Rising”⁠
🗓️ Saturday, May 10 | 4–5PM⁠
📍 LongHouse Reserve⁠
🔥 Bold new outdoor sculpture debut + Artist Walk & Talk.⁠
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🌊 Paddle Diva’s Mother’s Day Paddle & Brunch⁠
🗓️ Sunday, May 11 | 11AM⁠
📍 Vandevere Marina, East Hampton⁠
🛶 Paddle, then brunch with Fresno. Get a free MOM-osa!⁠
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🍽️ Mother’s Day Dining Guide⁠
🗓️ Sunday, May 11⁠
🎁 Treat mom to a perfect brunch, lunch or dinner.⁠
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🎨 ArtSea Create & Sip: Horseshoe Crab Molt⁠
🗓️ Tuesday, May 13 | 6–8PM⁠
📍 Tiana Bayside, Hampton Bays⁠
🖌️ Paint + sip night celebrating horseshoe crabs. No experience needed!⁠
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📍 Check out more events at Hamptons.com (Link in Bio)⁠
#hamptonsevents #eastendhappenings #mothersdayweekend #artinthehamptons #livemusic #southamptonny #easthampton #hamptonslife⁠
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    • 7 Ashwood Court, Southampton, NY 11968⁠
Saunders Exclusive: $6,200,000⁠
@vinceinthehamptons⁠
@hamptonsrealestate⁠
⁠
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This magnificent new construction offers a blend of modern luxury and timeless sophistication. Spanning 7,546 +/- sq. ft. on a pristine 0.92-acre lot, this two-story traditional-style residence boasts 7 bedrooms, 7 full baths, and 1 half bath.⁠
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Inside, find an open kitchen adorned with marble countertops and high-end stainless steel appliances, perfect for the culinary enthusiast. The home features a spacious entry foyer, a living room, dining room, family room, den/office, and a study. Enjoy the comfort of two primary bedrooms, each with its own freestanding soaking tub, located on the first and second floors, respectively.⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#saunders #hamptons #hamptonsrealestate #luxuryrealestate #southampton
    • Steeped in tradition, history, and familiarity, a refurbished Sagaponack General Store has reopened its doors. Though still on the same footprint, the renovated establishment feels larger and more spacious, with an open layout and abundant natural light that adds warmth and charm. It now shares space with the newly restored historic Post Office at 542 Sagg Main Street in Sagaponack, located between Sagaponack Road and Hedges Lane, just south of the Sagaponack Common School.⁠
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The original 1878 building was meticulously moved 15 feet back from Sagg Main Street and now features a welcoming new porch. The Post Office, located there as well, has its own handicapped-accessible entrance. While construction is complete, the Post Office has not yet reopened to the public. ⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#sagaponackgeneralstore #local #community #sagaponack #⁠
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🎭 Coppélia at Guild Hall⁠
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🕖 Fri & Sat @ 7PM | Sun @ 12PM & 5PM⁠
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🎟️ Link in bio⁠
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🎙️ Elvis Meets Sinatra @ WHBPAC⁠
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🎟️ Link in bio⁠
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📚 Gingy’s Diaries @ Southampton Arts Center⁠
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🕑 2PM & 7PM⁠
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🎟️ Link in bio⁠
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📅 Sat, May 3 | 🕙 10AM–12PM⁠
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🎶 Live music, fresh food, flowers & gifts⁠
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📅 Sat, May 3 | 🕓 4PM–7PM⁠
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🍹 Cocktails, hors d’oeuvres & hat contest!⁠
🎟️ Link in bio⁠
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📅 Sun, May 4 | 🕒 3PM–5PM⁠
📍 The Hampton Maid, Hampton Bays⁠
💐 Create a bouquet with Andrews Family Farm⁠
🎟️ Link in bio⁠
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📅 Sun, May 4 | 🕘 9AM or 3PM⁠
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🎨 A fusion of art, furniture & collaboration⁠
📸 Photo Credit: Francine  Fleischer
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Saunders Exclusive: $8,995,000⁠
@hamptonsrealestate @edmundgaetjens⁠
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Discover an unparalleled offering in the heart of historic Sag Harbor Village. Situated on an idyllic 0.63-acre corner lot, this meticulously restored Victorian delivers the ultimate Hamptons lifestyle: a luxuriously appointed main residence, a lofted studio, and resort-like grounds with a heated gunite pool. Just moments from Sag Harbor
    • To launch the celebrations for its 50th edition, the Hampton Classic Horse Show has unveiled its 2025 poster, “Beneath the Painted Sky,” featuring artwork by Michael “Mickey” Paraskevas of Southampton, NY. Paraskevas has previously designed the Hampton Classic poster four times (1987, 1992, 1998 and 2008).⁠
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Celebrating 50 years of world-class equestrian competition, the Hampton Classic returns to Bridgehampton, NY, August 24-31, featuring FEI CSI5* and CSI2* show jumping and USEF Premier hunter competitions with more than $1 million in prize money.⁠
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📸: Poster Courtesy of the Hamptons Classic⁠
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Read the full article at Hamptons.com (Link in Bio)⁠
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#hamptonclassic #arts #poster #bridgehampton
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