Custodial IRA
How do you feel about a custodial IRA? I have a 11 and a 16-year-old grandchildren.
Terry Says
Your grandchildren cannot have an IRA — unless they are working and have earned income!
So if you’re thinking of a gift, put the money in a 529 plan.
Read this: https://www.terrysavage.com/the-gift-of-college-529-plans/
If they are declaring earned income (and this must be discussed in conjunction with parental income if they are earning money as child models, or actors, or something like that), then they could theoretically have a custodial IRA.
But make sure you know wha tyou’re talking about.
