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The Short Answer

Grandparents, Be Smart About Giving Money This Holiday Season

It's hard to go wrong giving the gift of cash, but make sure you brush up on the tax consequences.

My father used to spend weeks pacing shopping malls and looking through catalogs every holiday season, only to ultimately give us an elaborately wrapped box containing a gift card or cash. He would always explain how sorry he was for how impersonal it seemed, but he just couldn't find anything that would be more useful to us than money.

And luckily for my dad, he had some very like-minded children. We would always reassure him that not only had he chosen the perfect gift, we knew how much thought and love had gone into it.