When doing your estate planning, if you plan to include your grandchildren in your estate, consider giving them some of the money sooner rather than later so that they can get a good college education. In 2021, you can give up to $15K ($30K with a spouse) to anyone, with no limit on the number of recipients or tax consequences, for either you or the person receiving the gift. You can consolidate five years of giving into a $75K gift payable over five years, according to the IRS. If the tuition is paid directly to the school, you can give an unlimited amount tax-free without having to file a gift tax return. The funds can be used for tuition only, not books, supplies or room and board (Kiplinger’s Retirement Report, August 2021, P11).