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I'd put it all in index funds, but I'm still fairly young and my dream has always been to be able to max out my kids' Roth IRAs from birth somehow. (I'm still w
by hiAndrewQuinn 3y ago
I'd put it all in index funds, but I'm still fairly young and my dream has always been to be able to max out my kids' Roth IRAs from birth somehow. (I'm still working on the "how do you get a baby to have taxable income" angle.)
- gnicholas 3y agoThe normal path is to establish a trust fund, into which you and your spouse contribute the maximum annual exclusion amount. By the time they're grown up, they've got a tidy sum. And when they get married, you and your spouse can give the maximum gift amount to each them and their spouse every year.
- hiAndrewQuinn 3y agoYou're a saint, thank you
- gnicholas 3y agoNot a saint, just a former tax lawyer. There are more elaborate strategies that allow people to move larger sums, particularly if they have stock in pre-IPO companies. If you find yourself in need of that kind of advice, find a 'private client' lawyer to help you understand and navigate the complex rules.