Gift to Kids
December 18, 2013
I know you are busy shopping and running around during the holidays, but this holiday season, try thinking outside the box - the gift box that is. Did you know that opening an IRA account in a child's name, gifting assets via an Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) custodial account, utilizing a 529 plan or even giving shares of stock may be wonderful ways to introduce children to the benefits of long-term investing while giving you a break from holiday shopping?
Anyone can gift up to $14,000 for 2013 to anyone and you can put this money in any of the accounts listed above. Giving money to kids as a gift for the holidays is a gift that can help the kids you know save for their higher education and help them on the right financial path.