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re: Custodial Account Funds- Schwab
Posted on 8/14/23 at 5:58 pm to slackster
Posted on 8/14/23 at 5:58 pm to slackster
Good point and you can only convert $35k. Could serve as an added incentive to wait a few years of conversions before that big wedding and deter getting hitched at 18 or 19.
This post was edited on 8/14/23 at 5:59 pm
1
Posted on 8/15/23 at 9:49 am to TorchtheFlyingTiger
That's no problem. The fact that it can be converted to be utilized in a different vehicle is exciting to me, and actually makes me think about my allocation a bit as it relates to this entire topic.
Instead of doing a custodial account, due to the uncertainties that have been expressed in this thread, I decided to invest into one of my own normal brokerage accounts that I wasn't using and treat it as an investment account for my kids. WHEN THE TIME COMES I can gift them whatever shares I see fit.
But.. now that I know I can convert left over 529 funds to a Roth, I will look into diverting those brokerage account funds and allocating a more aggressively toward their 529s.
Instead of doing a custodial account, due to the uncertainties that have been expressed in this thread, I decided to invest into one of my own normal brokerage accounts that I wasn't using and treat it as an investment account for my kids. WHEN THE TIME COMES I can gift them whatever shares I see fit.
But.. now that I know I can convert left over 529 funds to a Roth, I will look into diverting those brokerage account funds and allocating a more aggressively toward their 529s.
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