90 seconds isn't long enough but..

90 seconds isn't long enough but..

Savings for kids. I get this alot alot. There isn't a one size fits all best account. There is a "What's your financial situation" and "which account best suits your trajectory"
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For me, I want my kids to own a business but give them the ability to go to college.
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529 is only for school savings unless you have 35k or less. You can roll to a ROTH IRA skipping all taxation upon the age of 60 unless the 59.5 rule is changed.
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Custodial ROTH IRA is a way to put your money in a post tax, but a tax-free growth vehicle and is subject to penalties if taken before 60.
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IUL (indexed universal life insurance) is a way to use post tax dollars to grow mirroring the sp500 and gives you pre 59.5 access to those dollars. This account provides life insurance and massive retirement income. MUST BE SET UP BY A SPECIALIST!!!
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Children's Brokerage is one I skipped, but because it's simple. Open a brokerage account or investment account for the children and add to it as you please. When Distributions are taken, they will be taxed at long-term capital gains or 20%. Thus, you save 100k, you take all of it, and you net 80k.
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Any choice that is made shouldn't be taken lightly and make sure it fits your goals for your kids. One step further is to have a trust own the account so spouses or future issues don't cause the account to be drained or litigated.
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