My wife and I went down the IVF path the past 4 years, we spent over $50k and now have a 13 month old boy and 2 month old daughter, totally worth it. Best decision we ever made.
We were researching and saw that we can create a custodial account for each of the kids. This is what we understood so far: We save and invest for them and when they turn 18, they gain full control. This is used for long-term wealth building, and can be used for any purpose. Earnings are taxed at the child's lower rate (up to a limit); contributions may be subject to gift tax rules. Managed by an adult (custodian) until the child reaches legal age (18-25, varies by state), then the child gains full control.
Has anyone done this for their kids? Any advice on what to invest in for them at such a young age? This is my breakdown and I’m willing to invest $10k or more for each of them a year if possible:
I’m 46, I have my own consulting business and make over $300k a year:
$968,250 Roth IRA
$306,000 Crypto
$126,094 Art
$1,400,344 Total Investments
$1,841,000 Mortgage
-730,734 Mortgage Debt
$1,110,266 Mortgage Equity
$2,510,610 Investments & Mortgage Equity Total