We have set up one for my daughter. We asked her to think about things she likes, then we’ve told her to look up who makes it, and find out if they are doing well. She’s 7, but I think its good to learn about this early.
So i was trying to convince my father to make one acc for me but then he didn't even let me complete my words and laugh it off.... Im never telling them anything Im letting my aunt open it for me... Anything thank you so much for this video it really is gonna help so many people ❤
Thanks for this video, it's very thorough, very information and to the point. You covered everything. Just one question - I did not see Fidelity on your list, could you please provide your thoughts on that as well? Thanks.
I get the Custodial Roth in the child's name once they have earned income and it is fantastic, but I've never really understood the UGMA for folks with under 20 million in assets. At that point for estate planning you do need to be making some moves, but the stepped up basis for inherited assets is a huge tax benefit of holding in your name and you can always spend the money on their behalf up until that time. My instinct is in a long term portfolio the tax drag isnt going to overtake the benefit of stepped up basis. Zooming out a bit if you do gift as a down payment for a house there is benefit to it being in their name in advance for mortgage applications.
I bet there's a lot of people using custodial accounts that don't actually need to. BUT its nice "insurance" in case someone in the family isn't 100% trustworthy
What's your opinion on Earlybird? I set one up because I like that family members can contribute easily. Is it common for people to have both a UGMA and a 529?
I’ve never heard of it but will check it out now! I assume it’s common/normal/average for people to have neither a 529 nor a UGMA! My guess is most people don’t save or invest for kids.
Watch this video too and decide together what’s best for you guys! Investing for Kids Tax Free: Turn $7k into $1 Million For Kids | 529 College Savings Plan th-cam.com/video/DkYwmYFH3pQ/w-d-xo.html
Does the account get to stay as it is, just owner ship moves? Or does the account get luqidated and the money handed over as a lump sum? If my son wanted to can he leave the investments alone and let them continue to build?
![[TH] RNT vs SPG - VCT Ascension Pacific - Day 1](http://i.ytimg.com/vi/RUTkf8Detj8/mqdefault.jpg)
We have set up one for my daughter. We asked her to think about things she likes, then we’ve told her to look up who makes it, and find out if they are doing well. She’s 7, but I think its good to learn about this early.
Praise God
So i was trying to convince my father to make one acc for me but then he didn't even let me complete my words and laugh it off.... Im never telling them anything Im letting my aunt open it for me... Anything thank you so much for this video it really is gonna help so many people ❤
Thanks for this video, it's very thorough, very information and to the point. You covered everything. Just one question - I did not see Fidelity on your list, could you please provide your thoughts on that as well? Thanks.
I get the Custodial Roth in the child's name once they have earned income and it is fantastic, but I've never really understood the UGMA for folks with under 20 million in assets. At that point for estate planning you do need to be making some moves, but the stepped up basis for inherited assets is a huge tax benefit of holding in your name and you can always spend the money on their behalf up until that time. My instinct is in a long term portfolio the tax drag isnt going to overtake the benefit of stepped up basis. Zooming out a bit if you do gift as a down payment for a house there is benefit to it being in their name in advance for mortgage applications.
I bet there's a lot of people using custodial accounts that don't actually need to. BUT its nice "insurance" in case someone in the family isn't 100% trustworthy
Thanks for making this video brother shows you read your comments and respect all you say brother.
You asked for it, you got it!
Thank you.
Benny is going to be an underwater welder 😉
Benny's ballin!
What's your opinion on Earlybird? I set one up because I like that family members can contribute easily. Is it common for people to have both a UGMA and a 529?
I’ve never heard of it but will check it out now!
I assume it’s common/normal/average for people to have neither a 529 nor a UGMA! My guess is most people don’t save or invest for kids.
can you share benifeciary for custodial account and in 529? what if you have multiple kids.
@@me_rap27 I don’t know for certain and it may depend on the investing company you choose. I’d ask them about any questions you have before you start.
Trying to convene my parents to open a custodial acount.
Watch this video too and decide together what’s best for you guys! Investing for Kids Tax Free: Turn $7k into $1 Million For Kids | 529 College Savings Plan
th-cam.com/video/DkYwmYFH3pQ/w-d-xo.html
Does the account get to stay as it is, just owner ship moves? Or does the account get luqidated and the money handed over as a lump sum? If my son wanted to can he leave the investments alone and let them continue to build?
From what I understand the account is fully owned by the child on day 1. So if it's invested, they get investments. If it's cash they get cash.
@BrendanEvan thank you. That's how I thought, and hoped, that it'd work.
Benny
You don't need an axe to set yourself apart
Lenny