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Strategies & Market Trends : A.I.M Users Group Bulletin Board
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To: LemonHead who wrote (14578)1/25/2001 3:22:28 PM
From: Steve Grabczyk  Read Replies (1) of 18928
 
Hi Keith:
Well, FWIW, our kids each have taxable gifted UGMA portfolios. You control until their 18. After that it's theirs. They are responsible for taxes associated with with the accounts. If the amount is large, you might look into trusts which can be structured in numerous ways.

I've never looked into education IRA's , but typical IRA's are only available to them if they have earned income. Up to individual max of $2000. Our daughter earned over that amount in 1999, so we opened a ROTH IRA for her last spring. I convinced her that this was a good long term deal by creating a 40 year spreadsheet with $2000/year in contributions earning average of 8%. This compounded to a few million if memory serves, so that's all it took. We started her on that journey last year.

Regards, Steve

ps: I think I needed for you to change the subject. Apparently the jury is still out.
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