IRAs For Kids?Submitted by Wale Advisory Group on July 16th, 2013
Many of our clients have IRAs that they will never use. So at some point, they will probably be passed on to their children and grand children. Since this may inevitably happen, what if you planned ahead, and used the IRA for your grandkid’s retirement? It may be a profound idea, but it’s completely possible!
While this is a simple thing to do, you must prepare it correctly to avoid mistakes and create unnecessary tax issues. If you follow the rules, and get help of an expert like us, you’ll find a simple way to transfer your wealth with great tax benefits.
Also, by setting up a child from the beginning, this encourages them to save and earn. Studies show, that contributing $1,000 per year to an IRA, can grow to over $39,000 over the course of 45 years (assuming a 6% return). Imagine leaving a legacy like that to your family!
If you have an IRA, talk to us about the options you have with it, along with the benefits those could create. Our goal is to create tax-preferred strategies for our clients, that will benefit them and their loved one for years to come!