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Saving for Daughter's Wedding or Other Non-Education Expenses
Posted on 1/23/14 at 6:23 pm
Posted on 1/23/14 at 6:23 pm
Wondering what the MB's thoughts are regarding a vehicle for saving for my daughters wedding in 16-20 years(pls God).
I have been told a UTMA might be a good idea, but wanted to see what you guys thought. Also,will probably open two additional accounts with equal contributions for each of my sons(they could use for truck, down payment on house, hookers/blow, etc.)
Have their educations and my retirement covered.
Thanks in advance
I have been told a UTMA might be a good idea, but wanted to see what you guys thought. Also,will probably open two additional accounts with equal contributions for each of my sons(they could use for truck, down payment on house, hookers/blow, etc.)
Have their educations and my retirement covered.
Thanks in advance
4
Posted on 1/23/14 at 8:44 pm to Bussemer
Pics of wife?
Edit when I realized the timetable here.
Edit when I realized the timetable here.
This post was edited on 1/23/14 at 8:46 pm
Posted on 1/23/14 at 8:58 pm to Bussemer
Open account in your name and keep it in your name. Pay taxes and give later. An UTMA becomes hers at 18 regardless of how you want it spent.
Posted on 1/24/14 at 6:32 am to Bussemer
IMO, any savings are yours until you gift it to someone for whatever purpose.
I have education accounts, but I will pay for a wedding from personal savings (up to a point; maybe match 3 or 4 dollars per 1 of their own; they should have a stake so they don't choose caviar catupult or whatever some "co-ordinator" dreams up).
I have education accounts, but I will pay for a wedding from personal savings (up to a point; maybe match 3 or 4 dollars per 1 of their own; they should have a stake so they don't choose caviar catupult or whatever some "co-ordinator" dreams up).
Posted on 1/24/14 at 8:39 am to Bussemer
quote:
I have been told a UTMA might be a good idea,
Seems like an unnecessary hassle for such a simple purpose, but tax gurus may disagree. Anyway do you expect your daughter to get married when she's still a minor?
Posted on 1/24/14 at 8:41 am to Janky
quote:
Open account in your name and keep it in your name. Pay taxes and give later. An UTMA becomes hers at 18 regardless of how you want it spent.
You can always roll it into a trust for the child's benefit. We do that a lot up here.
Posted on 1/24/14 at 8:43 am to MSTiger33
Also, keep this in mind. If you put money in an UTMA it is owned by the child. Therefore, it is considered an asset of the child which can limit their ability to get financial aid for school.
Posted on 1/24/14 at 9:18 am to Cold Cous Cous
quote:
Anyway do you expect your daughter to get married when she's still a minor?
I sure hope not. I was just looking for a creative way to set money aside that will not be used for 15-20 years. Most of my other savings vehicles are longer term and have more specific plans for use (education, retirement).
Posted on 1/24/14 at 9:37 am to Bussemer
I have 3 girls, so I am getting a job overseas in order to pay for their weddings.
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