The more likely scenario is if the kids live a long time, by that point, you are really giving the benefit to your childs spouse/your grand children. And when your advisor says that they’ll have $1M for retirement, that isn’t entirely accurate. There will be a balance in the ...
One of you needs to be earning more than £50,000. So if you are earning £30,000 and your partner earns £20,000, say, you’re not affected by the changes. Child benefit will be clawed back as follows: For every £100 earned over the £50,000 threshold, 1% of the benef...
There are plenty of options if you have money left over from a 529 plan. You can save the money for graduate school or transfer the remaining funds to another child. In addition, you could keep the money growing tax free for potential grandchildren. Or pay the 10% penalty and taxes on ...