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Because parents are deemed to have an obligation of support for their children, so, most payments for college expenses would not constitute gifts for gift tax purposes.

If college is still a few years off, funding a 529 plan is one of the easiest ways to plan ahead for tuition costs. When it comes to the gift tax, parents are still subject to the annual exclusion limits and the gift-splitting rule for contributions but there is an exception for lump-sum contributions.

Here are 13 different ways grandparents can help pay for college: Pay tuition directly to your grandchild's school. ... Open a 529 plan in your own name. ... You can contribute to a 529 plan owned by your grandchild's parent. ... Offer your grandchild a loan. ... Pay off your grandchild's student loans after they graduate.

Only the person claiming the student's dependency (usually the parent) can claim a tuition credit (there is no deduction). But that person can claim the money paid by any other person (what you, the grandparent paid) in calculating the credit.

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For example, if you hire a contractor to renovate your house, you will likely sign a private contract that outlines the scope of work, payment terms, and other details. This contract is legally binding, and if either party fails to fulfill their obligations, they can be held accountable in court.