How to Invest in A Secure Financial Future for Your Children

Jason Gabrieli zeroes in on a topic he often discusses with clients: investing for the younger generation in your family. Jason reviews the options available to you as a parent, grandparent, or guardian to begin fostering a secure financial future for them. Jason reviews several options, including accounts available under a custodian's supervision, individual or joint investment accounts, and, of course, the classic 529 college savings plan. Tune into this episode to also learn: What makes UTMA and UGMA accounts a secure choice for investing in the younger generation's future, and what are the caveats?How does opening an investment account in your or your spouse's name work, and what control does it grant you over the funds designated for your children or grandchildren?What is the 529 college savings plan, and what are the stipulations for the tax reliefs it offers?What we discussed[00:01:20] Exploring UTMA/UGMA accounts for child investments[00:03:02] Maintaining control with child-earmarked personal investment accounts[00:03:36] 529 plans: state-sponsored, tax-deferred college savings[00:08:17] Roth IRAs for kids: great benefits but requires earned income3 Things To Remember UTMA and UGMA accounts allow minors to hold assets with a custodian until a specific age, offering a flexible yet controlled approach to early-age investments. Setting up an investment account individually or jointly with a spouse grants you the liberty to dictate the terms of fund usage, helping to maintain a secure financial future for the younger members of your family.The 529 college savings plan is a government-backed initiative facilitating tax-free growth of savings for educational purposes, albeit with the condition that the funds be used for approved educational expenses.Useful LinksConnect with Jason Gabrieli: [email protected] | LinkedInLike what you’ve heard…Learn more about HFM HERESchedule time to speak with us HERECheck out our Financial Wellness Program – HFM Ignite