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Reply to "If your kids have UTMAs"
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[quote=Anonymous]We focused on 529 contributions until we felt that we could cover education costs. Then we gradually started contributing to UMTAs. The poster who mentioned contribution limits is mistaken. I presume they just meant having to prepare a gift tax return (but maybe not). Either way, we have been dollar cost averaging for years in each UMTA. Our goal is to have enough invested in each account so that when we retire we can say to our kids, “here is the money we have set aside for you” and then we can focus on our own spending. Whatever they inherit is what they inherit. By using UMTAs, they will be in a lower tax bracket at 18 when they take custody of their accounts, and will be able to sell down their portfolios if necessary to finance their first apartment or house. Or ideally they keep investing. We hopefully raised them right for them to respect money and what it takes to build up a nest egg. [/quote]
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