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re: savings for grandchild
Posted on 5/10/24 at 10:32 am to tigergrl
Posted on 5/10/24 at 10:32 am to tigergrl
It depends what your goal is. Is it to just give them money or is there a reason for it? Examples include being a firm believer in private school, or college education, wanting to help buy their first house, etc. If you are just going to give them money a custodial account is easiest but you won't really make money off the principal and they get it at 18.
Do a trust if you have a decent chunk of assets. I did this recently and I was so relieved. To know that you have people (attorney, trustee, and financial manager) assigned to it in case of tragedy is such a weight off of the family's shoulders.
I would do a 529 as they can rollover to a retirement acct. if they don't go to college. It's better than just saving cash in a custodial acct plus it provides you a tax benefit.
Do a trust if you have a decent chunk of assets. I did this recently and I was so relieved. To know that you have people (attorney, trustee, and financial manager) assigned to it in case of tragedy is such a weight off of the family's shoulders.
I would do a 529 as they can rollover to a retirement acct. if they don't go to college. It's better than just saving cash in a custodial acct plus it provides you a tax benefit.
1
Posted on 5/14/24 at 11:50 am to Mariner
I would want them to have it for school if needed, if they don't go to school, or if they do and there is money left I would like for them to get their first house, car or invest it themselves if they choose to do so.
The trust is a good idea, it's what we are looking to do for ourselves here soon. I am going to do some more digging on the 529 also. Thanks for input
The trust is a good idea, it's what we are looking to do for ourselves here soon. I am going to do some more digging on the 529 also. Thanks for input
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