DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing Investing for Kids and New 529 Rules
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Jan 15, 2023 Discover the latest changes to 529 plans, including options for rolling over funds into a Roth IRA starting in 2024. A conversation with an expatriate sheds light on navigating educational savings while living abroad. Explore the benefits and complexities of custodial accounts and learn effective strategies for teaching kids about investing. The podcast also dives into flexibilities within 529 plans, such as changing beneficiaries, and the significance of planning for both education and legacy.
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Holiday Travel Mishap
- Quint Tatro and his family were stranded for over two hours due to a jackknifed truck during a severe storm.
- Thankfully, they were not in Buffalo, where the storm's impact was devastating.
Custodial Accounts for Kids
- Consider custodial accounts for children's savings as they offer flexibility and potential tax advantages.
- Educate children about investing and involve them in the process.
Custodial Account Considerations
- Custodial accounts offer flexibility for use at age 18, but become the child's property.
- Tax implications can be mitigated with careful planning, especially for those in lower tax brackets.