Hello Reddit,
I would like to start off by saying thank you in advance.
I have two children, possibly a 3rd on the way. Love these little guys. I've been saving incrementally for the two in a Marcus Savings account.
However, I do stock investing on my own - on the side. Naturally, at this point I would like to expedite their earnings. The question is not what the invest the money into, but what type of account at this point.
My children are already very fortunate that they have a Great Grandfather who set them up with a 529 when they were born (they are 1 and 3 years old). I could contribute the money I have saved for them into those 529s, but I do not feel there is a need in this case as both accounts hold over $70k at the moment.
So my thought is rolling this money over into a Custodial Account and having it expire when they are both 25. There seem to be two negatives to this type of account - 20% is evaluated when it comes to financial aid and Child Tax seems pretty hefty. I'm 31 and my gross annual income is $66,950. My wife is a stay at home mother, but will be working once the children are in school.
TL;DR - looking for best account type to save for young children - give them the money when they are able to handle it maturely.
Submitted February 16, 2019 at 08:55AM by BasicPart http://bit.ly/2SGfLjY
