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O/T roth ira for a baby

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Old 12-29-2005, 07:47 PM
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Default Re: O/T roth ira for a baby

Being a financial advisor I agree partially with hugetime but not completely. The thing about UTMA accounts is that they are irrevocable gifts, and upon the child reaching age of majority the money becomes solely theirs to use at their own discretion.

I do agree however, that looking long term and using a quality investment vehicle, that uses a diverse mix of stocks and bonds is the best way to achieve LONG TERM goals.
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Old 12-29-2005, 08:01 PM
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Default Re: O/T roth ira for a baby

come on shane strap on a set, all stocks, all the time!!!!!!!
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Old 12-29-2005, 08:02 PM
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Default Re: O/T roth ira for a baby

that is one down side to the utma, but it is the parents responsability not to raise idiot kids!
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Old 12-29-2005, 08:24 PM
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Default Re: O/T roth ira for a baby

Quote:
Originally Posted by hugetime1
that is one down side to the utma, but it is the parents responsability not to raise idiot kids!
I am going quote that in my next client meeting!
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Old 12-29-2005, 08:35 PM
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Default Re: O/T roth ira for a baby

so you agree, I have said it more than once!!!!
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Old 12-30-2005, 08:03 AM
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Default Re: O/T roth ira for a baby

I believe they offer Educational Roth's just go to any large fund site Janus, TR price, Vanguard. Also 529 plans go to www.savingforcollege.com for a basic education. He/she is a baby so you have time on your side.
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Old 12-30-2005, 07:20 PM
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Default Re: O/T roth ira for a baby

Quote:
Originally Posted by boomer
I believe they offer Educational Roth's just go to any large fund site Janus, TR price, Vanguard. Also 529 plans go to www.savingforcollege.com for a basic education. He/she is a baby so you have time on your side.
Keep in mind that there are only VERY SPECIFIC 529 Plans that will allow you to receive a tax deduction for your contributions. Additionally, the Educational IRA has it benefits, i.e. the money may be used for private high school etc., but it does not afford nearly the same savings advantages as 529 plans. If anyone needs any information please feel free to PM, email or call me at 518-281-7963.
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