- April 18, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Planning for the Future: Investment Options for a June Baby
With my baby’s arrival approaching in June, I am eager to explore the latest investment options available to secure their future financial well-being.
One option that has caught my attention is the expansion of 529 plans to now include K12 expenses, along with no income limit, contribution limit, or expiration date. Additionally, it is possible to partially convert a 529 plan into a Roth IRA, providing even more flexibility for long-term financial planning.
However, I am also considering the possibility of converting a Coverdell Education Savings Account (CESA) into a 529 plan and then into a Roth IRA. Despite the potential benefits, I am hesitant due to the potential complications and administrative burden, especially considering the limited contribution amount allowed for CESA.
I am also curious about the benefits of portfolio selection in comparison to state plans within 529 accounts. Are these options significantly better in terms of returns and diversification?
On a broader scale, I am seeking advice on additional steps to take from my baby’s Day 1. I am already in the process of opening a Uniform Gifts to Minors Act (UGMA) account with Schwab and plan to contribute to it annually with the Child Tax Credit (CTC), as well as a small monthly amount.
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It is certainly not as attractive. But I put in some money into a Coverdell (not as much as our 529). That way if any big expenses come up while the kids are in high school, I can use those funds.
Example: Coverdell covers high school tuition but not computers before college. If your teen wants a fancy gaming PC or you want to upgrade your router system, you can use Coverdell funds but not 529.