A friend of a friend has three young children, and wishes to provide for their future. They're looking for an instrument that makes sense. They don't want to do a 509 education fund (which MUST be used for education) because they want to give each kid the option to do something else: own a business, buy property and manage, day trade , etc. What makes sense for them? Is there any vehicle out there that enables a parent to set aside funding for their children's future? Something like a 509, without the requirement that it must be spent on education, and still provides tax benefits/growth? Thx, Keith XD (@Mods: not really sure where to put this. It falls under investment goals, retirement planning, and the like, and there's no sub-forum for these)
What I did years ago: I setup a trust with 2 beneficiaries (very easy and not expensive at all with kiss trust .com) and bought the usual SP500. In Mai 2021, I added a US Treasury fund for about 30% of the total valuation of the trust. Before doing that, you need to understand how revocable and irrevocable trusts works and what are your options and the consequences of your decisions. I guess after at least 20+ years, that should help the kiddos... A lot. Best!
%% Mutual funds/parents + kids name on it; CPA can provide the details. Piggy bank is a great start ; but cash those coins in, coin shortage again the bank sign says/LOL,. ANY kid can have a parents/kid tax free account if the kid earns money. Teach them to pay taxes also/ that way they don't learn to be gov slaves/puppets ............ Sales tax is great start; even if they owe none on farm products. State laws vary.