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re: Misc Savings for Kids

Posted on 10/2/23 at 3:13 pm to
Posted by LSUtiger89
Baton Rouge
Member since Dec 2007
3672 posts
Posted on 10/2/23 at 3:13 pm to
quote:

529 (which we are already funding) for things such as weddings, vehicles, etc.


You know a 529 really can’t be use for many of these things. Especially a wedding. Now 529 aren’t bad but make sure of what you were using it for and can show educational expenses for it. Or use an UGMA/UTMA. But look in to those! There are some tax advantages on thresholds of growth. But that may defeat the being in their name. It’s your asset until they turn 18/21.
This post was edited on 10/2/23 at 3:18 pm
Posted by tiger91
In my own little world
Member since Nov 2005
36817 posts
Posted on 10/2/23 at 5:41 pm to
I'd kindly suggest that you re-read OP.
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