Consider financial gifts for grandchildren

• 529 plans – When you invest in a 529 education savings plan, any earnings growth is distributed federally tax free, as long as withdrawals are used for qualified education expenses. (Withdrawals used for expenses other than qualified education expenses may be subject to federal and state taxes, plus a 10 percent penalty.) And in-state residents who invest in their home state's 529 plan may also receive state tax incentives. A 529 plan can be used for college, approved trade school programs, qualified student loan repayments and even some K-12 costs. And if the grandchild you've named as a beneficiary of a 529 plan decides to forego further education, you can generally switch beneficiaries to another immediate family member. You can contribute up to $17,000 in 2023, per grandchild, to a 529 plan without incurring gift taxes. Furthermore, as of the 2024–25 school year, grandparent-owned 529 plans won't affect financial aid eligibility. However, tax issues for 529 plans can be complex, so consult with your tax advisor about your situation.
• Roth IRA – Any earnings growth in a Roth IRA is distributed tax free, provided the owner is at least 59½ and has had the account at least five years. If your grandchildren earn money from babysitting or a part-time job, they can open a Roth IRA with the help of a parent or other adult. You could “match” your grandchildren's contributions, possibly on a dollar-for-dollar basis, to provide them with an incentive for saving. In fact, you could fully fund the Roth IRA, up to the annual contribution limit, which is $6,500 or the amount of your grandchild's taxable compensation, whichever is less. (The annual limit is $7,500 for those 50 or older.) And your grandchildren can withdraw the contributions — not the earnings — at any time to pay for college or anything else.
• Custodial account – You can open a custodial account, also known as an UGMA or UTMA account, for a grandchild, and fund it with most types of investments: stocks, mutual funds, bonds and so on. For that reason, it can be a good way to teach grandchildren about the nature of investing — risks, returns and the value of holding investments for the long term. Plus, there's an initial tax benefit to custodial accounts: The first $1,250 of your grandchild's investment income (dividends, interest, capital gains) is tax free, and the next $1,250 is taxed at the child's rate. Anything above that amount is taxed at the parents' marginal tax rate. However, once your grandchildren reach the age of termination — usually 18 or 21, depending on where they live — they take control of the account and can do whatever they choose with the money. So, while a custodial account could be considered as a funding source for college, it might alternatively serve as a gift that could eventually enable your grandchild to fulfill another desire or goal — take an overseas trip, pay for a car or maybe even start on a path to entrepreneurship.

North Adams Police Investigating Suspicious Fire at Concession Stand

Staff ReportsiBerkshires
06:20PM / Wednesday, October 21, 2026

Fire Chief Brent Lefebvre, left, and Commissioner of Public Services Timothy Lescarbeau check the damage to the concession building. 

NORTH ADAMS, Mass. — Authorities are investigating a suspicious fire that occurred at the Windsor Lake concession stand on Wednesday afternoon. 

 

The fire was called in just before 5 p.m. as "visible flames and smoke." There was dark smoke coming from a storage area on the backside of the building and firefighters were able to quickly knock it down.

 

Power was shut off to the building and fans set up to push the smoke out. Wire and Alarm and Commissioner of Public Services Timothy Lescarbeau also arrived on scene. 

 

"Right now we're just trying to make sure all of the flames are out and that there's no reoccurrence, and then the Police Department will do their investigation," said Mayor Jennifer Macksey. "It is a suspicious thing that we're closed and we weren't cooking hamburgs." 

 

There was damage to some of the items being stored in the building, including two kayaks that melted, plus the lines & buoys for the swimming area, chairs and some benches. 

 

The concession stand was not open this year, so nothing was on in the kitchen; the other items were stored at the beginning of October. 

 

There were people up at the park, walking and enjoying the view. One woman who was out with her dog said she'd walked by the stand and noticed two people on bench near it, but no smoke. When she came back about 20 minutes later, the fire engines were there.