Rich Girl Roundup: How to Save for Your Kids' Future
The Money with Katie Show
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The Advantages and Disadvantages of a 529
These are like custodial accounts that they allow you to transfer assets to a minor. They're in your child's name, which means they now control the funds,. You're not getting any tax benefits. And it counts as the kid's asset, which means it could affect FAFSA if you end up going that route. But ultimately, I am not aware of many use cases that would make these types of accounts worthwhile.
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