For reasons entirely your own, you may want to direct some of your assets to your grandchildren, both now and upon your passing.

And as the number of single-person households grows, more women are finding themselves making these kinds of wealth-transfer decisions on their own.

The best time to start, of course, is now. Here are some methods to consider using to share the wealth either now or later, or both.

Two people walking arm-in-arm on a country road.

Image source: Getty Images.

Direct gifting now

You can, of course, simply hand over the cash now. Current IRS rules allow you to gift up to $17,000 a year to anybody without incurring a gift tax. Married couples can give a total of $34,000 to each person.

There's also a lifetime credit against the gift tax that you can use to make much larger gifts if you wish. Just keep in mind that if there is a gift tax, it's up to the donor to pay it.

Direct gifting later

You also can make your grandchildren heirs to your assets after you die. A last will and testament is the typical legal document for that. They can be as simple or complex as your wishes and estate require and can be used to distribute cash and real property alike.

Fund a 529 college savings plan

You can pay for your grandchild's college education while you're still with us or afterward by funding a 529 college savings plan now. They're similar to IRAs in that the funds grow tax-free, but with this big difference: They can be withdrawn tax-free if used for eligible educational expenses. Some states also allow tax deductions for contributions.

Create a trust fund

A trust fund is an account that contains assets -- cash, real estate, you name it -- that's established by a grantor for the benefit of someone else, the beneficiary. There are many kinds of trusts, including generation-skipping trusts. They typically dictate that assets go directly to grandchildren and can be used to delay by years when the "skip person" actually receives the money.

Buy some life insurance

The IRS says that life insurance proceeds are not considered gross income for the beneficiary and thus don't have to be reported. That can make a life insurance policy an effective way to transfer wealth to the grandkids, paying them in cash after your death. There also are plans that are a better fit for seniors than others.

The rules, the regs, and the repercussions

There are many ways to transfer wealth directly to your grandchildren, maybe as many ways as there are reasons why. It's a great way to create a legacy for your loved ones.

Financial advisors and attorneys can keep you abreast of the rules and regulations, but you also may want to keep everyone in the loop, or at least consider closely that your decisions may have emotional implications beyond the financial ones.

After all, if your goal is to secure your grandchildren's future without churning up any unintended familial discord, a little planning and consulting with experts may also be called for on that front.