Preparing for and Protecting a Child’s Financial Future Story

Preparing for and Protecting a Child’s Financial Future

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There are numerous steps you can take to help set your children up for a successful financial future and defray the significant costs you as parents incur raising them.

Saving for Educational Expenses

This account allows your money to compound over time (if appropriately invested), and you don’t have to pay taxes on the earnings if the money is used for qualifying education expenses.

Custodial Accounts

These accounts can allow parents and/or grandparents to start investing for a child today. A UTMA or UGMA account is similar to a brokerage or taxable investment account for minor children. Read More

A custodial Roth IRA is another type of investment account that should be considered depending on the circumstances. This account is just like a regular Roth IRA but is intended for a minor child earning income.

A DCFSA is a pre-tax benefit account used to pay for eligible dependent care services, such as preschool, summer day camp, before or after school programs, and child or adult daycare.

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