Here are two ways to save for your child’s future, all while taking advantage of tax-efficient accounts. Set your children up for success and save money for yourself? Win-win! Learn how to properly set up, use, and maintain a Custodial IRA and 529 Account.

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Nic Daniels, BFA™, Financial Advisor

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Chapters:
00:00 – Intro
00:37 – How to give your kids a head start
01:07 – Minor Roth IRA (Custodial IRA)
03:53 – 529 Accounts
04:29 – Rollover Unused 529 Funds
05:40 – Take Advantage of Tax Deductions
06:23 – Outro…(read more)

LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

As a parent, one of your primary goals is likely to set your children up for success. This involves providing them with the tools and opportunities they need to thrive in life, whether that be through education, emotional support, or financial stability. One often overlooked aspect of setting your children up for success is being tax efficient in how you pass on your wealth to them.

There are a variety of ways in which you can minimize the tax burden on your children while also ensuring that they have the resources they need to succeed. One common strategy is to set up a trust fund for your children. By placing assets in a trust, you can designate how those assets are to be used and distributed, which can help ensure that your children use their inheritance in a responsible and productive manner.

Another tax-efficient way to provide for your children is through gifting. By making gifts of money or property to your children during your lifetime, you can take advantage of the annual gift tax exclusion, which allows you to give up to a certain amount each year without incurring gift tax. This can be a great way to help your children financially while also reducing your own tax liability.

Additionally, it is important to consider the tax implications of passing on assets to your children through your will. Depending on the size of your estate, your children could be subject to estate tax upon your passing. By working with a financial advisor or estate planning attorney, you can develop a plan that minimizes the tax burden on your children while still ensuring that your assets are distributed according to your wishes.

Ultimately, setting your children up for success involves more than just providing them with financial resources. However, being tax efficient in how you pass on your wealth can help ensure that your children have the means to achieve their goals and live fulfilling lives. By taking the time to plan ahead and consider the tax implications of your estate, you can leave a lasting legacy for your children that sets them up for success for years to come.