Child Savings Accounts: Exploring Your Options Beyond the Piggy Bank скачать в хорошем качестве

Child Savings Accounts: Exploring Your Options Beyond the Piggy Bank

Saving for your child’s future doesn’t have to be confusing. In this video, Buffalo First Wealth Management advisors Allen Dembski and Juliana Janson break down three popular child savings account options so you can make smarter decisions with birthday money, holiday gifts, and First Communion checks. We compare: 529 Plans (education-focused, potential tax advantages) UGMA/UTMA Custodial Accounts (more investment flexibility, but your child gains control at adulthood) Parental Brokerage Accounts (maximum flexibility, but taxes are generally at the parent’s rate) You’ll learn the pros, cons, and tax considerations of each option—plus how to think through the right strategy based on your goals (college, flexibility, long-term wealth building, and more). WHAT YOU’LL LEARN ✅ How 529 plans work and why they’re a go-to for education savings ✅ Potential New York tax benefits and key trade-offs (including what happens if funds aren’t used for qualified education expenses) ✅ How UGMA/UTMA custodial accounts work and why “age of majority” matters (21 in New York) ✅ Why a parental brokerage account can be a strong flexibility play ✅ How to choose a savings approach that fits your family’s situation TIMESTAMPS 00:00 - Introduction to Child Savings Accounts 00:48 - Understanding 529 Plans 02:36 - The Downside of 529 Plans 03:02 - New York-Specific 529 Options 03:38 - UGMA/UTMA Custodial Accounts 04:54 - The Age of Majority Concern 05:40 - Parental Brokerage Accounts 06:48 - Investment Options and Tax Considerations 07:14 - Closing Remarks CONNECT WITH BUFFALO FIRST WEALTH MANAGEMENT Website: https://buffalofirstllc.com/ Facebook:   / buffalofirstllc   LinkedIn:   / buffalo-first-wealth-management   Educational content only. This is not tax or legal advice. Investing involves risk, including the potential loss of principal. #ChildSavingsAccounts #529Plan #EducationSavings #FinancialPlanning #WealthManagement #ParentingTips #BuffaloFirstWealth #UGMA #UTMA #CollegeSavings