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Reply to "If your kids have UTMAs"
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[quote=Anonymous]No Utmas/UGMAs and the small 529s we opened long ago were also mistakes. I couldn't use the money this year, because it was going to mess up DC's tax refund. We do not benefit from those accounts at all. Personal finance is very personal. The kids are 12 and 19. Both have Roths and more (inherited account and 19-year old works). My tax expense has been 0% (negative into thousands actually) for as long as I remember and it should continue. I don't need to put any money under their name until age 18. Not even the rest of the inheritance, because of the amount on paperwork and rules involved. I'm not doing any restricted accounts besides 529 we already have. Less is more. [/quote]
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