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By: funancials
Hank- The parents opening a Roth for their 12-yr old (minor) would be an interesting post in itself. The income is supposed to be “taxable” but they don’t necessarily have to pay tax on it. Example: if...
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By: Miss T @ Prairie Eco-Thrifter
I too don’t have children yet but we definitely plan on utilizing options like these when they do come along. We live in Canada so the options available are a bit different but the principle is the...
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By: Marie at FamilyMoneyValues
Not that I am an expert, but I believe there are multiple tax and scholarship eligibility impacts from investing in a child’s name that should be reviewed with the appropriately trained professional....
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By: Hank
Marie, You are absolutely right. 529 College Savings Plans should be held in the parent’s name with the child as a beneficiary for taxes, scholarship opprotunities, and transferablity. Hank recently...
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By: Hank
You are right about flexiblity. If you want to be able to use the account for anything that you wish, then a 529 College Savings Plan is not the answer you are looking for. The one benefit of a 529...
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By: Hank
funancials, I’ve written about that before. You have to keep good records when you have a minor open a Roth IRA or if you open one for the minor with respect to the income they earned. Remember, they...
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By: Suba
We don’t have kids, but we are debating opening a 529 in my husband’s name and a ROTH IRA in our name. Both of them for the purpose of their education. Right now along with our 401k, we don’t have...
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By: Hunter - Financially Consumed
Great article Hank. Our three kids are all under age 10, so we only have a 529 account established for each of them currently. As their personal assets accumulate I will be encouraging them to seek...
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I don’t have children yet but, my wife and I have decided to use a taxable investment account for child expenses. We don’t qualify for an IRA and we didn’t like the 10% fee that comes with not using...
View ArticleBy: Cynthia
Hank, Which one is safest of principal & earnings? The 529… is that insured like a traditional savings account? I am assuming the taxable index funds are not ?
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