Kevin Goedker
REALTOR / Broker Goedker Realty, Inc. Real Estate Website 9183 Northtown Street Brainerd, MN 56401 M: (218) 839-9122 Contact Me |
The Talk: Paving the Way for a Solid Financial Future
2. Consider a Roth IRA. A Roth IRA can make savings more tax-efficient and extend parents' ability to use their resources to meet financial goals. Although the amount that can be contributed annually to a Roth IRA is limited by IRS guidelines, income earned in the account is generally not subject to any federal or state taxation.3. Use Gift Tax rule exceptions. If appropriate, take advantage of exceptions in Gift Tax rules that can help to increase the benefit available to children and dependent parents. For example, gifts made for tuition purposes or to pay medical expenses are not subject to the Gift Tax.
4. Leave a legacy of financial comfort. Parents can ensure their estate plans, including wills, provide for their children adequately. Proper insurance planning to supplement income of a surviving spouse or to support children who may be struggling financially is also critical.
Source: BMO Wealth Institute