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1088-Friday Q&A: Financial Inflation, Lifestyle Inflation, Family Business, Saving for a New Grandchild

Radical Personal Finance

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Navigating Nanny Taxes and Grandchild Savings

This chapter provides insights on hiring a nanny for a newborn, emphasizing the IRS's household employee classification and tax implications. It also explores financial strategies for saving for a grandchild, comparing UGMA and UTMA accounts while discussing trusts for wealth management. Key considerations include control over funds, tax benefits, and the importance of transparent financial practices with children.

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