There is a valuable gift - one that creates a benefit to last for generations to come. Most seniors have it, because they’ve shown it to me. It’s a gift that the wealthy have, but the not-so-wealthy have in abundance as well. Making this gift doesn’t give you any break on your taxes, and there’s not a line on Form 1040 requiring you to let the IRS know you gave some of it away.

The priceless gift that grandparents can give to their grandchildren is what I call “old fashioned values”. Value is too often, in the minds of today’s youths, placed heavily on material things. Parents are sometimes put in an awkward position of having to buy the right clothes, or the right shoes, or the right car to keep their children in a favorable light with their peers. I’m not saying all kids are bad, but I don’t know any kids that couldn’t learn something of value from their grandpa or grandma.

Most seniors I work with have so much to share. The accumulation of life experience and wisdom rolled up in a grandparent is something they can’t find in the library at school - they can’t even find this on the Internet!

Take the time to tell your family about other meanings of the word “rich”. Tell them the importance of having rich morals, a rich work ethic, and rich goals. The clothes, the shoes, and the cars will all be in the junk pile one day.

Let your grandchildren know that you don’t want them headed in that direction, too.

Mr. Gary Crooms is President and founder of Senior Information Services of America®, a long term care financial planning firm that specializes in assisting seniors and their families with late life planning issues. If you have any questions, please contact Mr. Crooms at gary@seniorinformation.com.