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Money and Finances
Reply to "Setting aside money for children: Life Fund"
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[quote=Anonymous][quote=Anonymous] The UGMA/UTMA route can be disastrous if you have a kid who immature or has drug problems. Hedge your bets with saving in your own name. Pay attention to the annual gift tax limitations so you can avoid annoying gift tax filing issues[/quote] Google “UTMA regret” You can protect against this by 1) not overfunding it and 2) spending it before the age of majority. There are quite a few expenses that qualify. In our example, we plan to get a balance of around $30,000 for each kid. This will pay for summer camps, braces, a car for HS, etc. Anything larger than this has the potential to trigger the “kiddie tax”, negating all the benefits of a UTMA. Like many, most of the funds earmarked for our children will be in our name. We want control in case of a scenario highlighted in the above quote. [/quote]
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