In this episode of Cup of Bull, Michael Dunham and Patrick Fontana discuss effective strategies for gifting to children, particularly through the lens of business ownership.
They explore various methods such as putting kids on payroll, utilizing custodial accounts, and the tax benefits associated with these strategies.
The discussion emphasizes the importance of financial education for children and how these gifting strategies can set them up for future financial success.
Takeaways:
-Gifting to children can be a strategic financial move.
-Business owners have unique opportunities for gifting.
-Putting kids on payroll can help fund a Roth IRA.
-Tax benefits can be realized through custodial accounts.
-Teaching kids about money is essential for their future.
-Use appreciated stock in custodial accounts reduce taxes.
-Resetting the basis on investments can save money.
-Financial education should start early with children.
-Gifting strategies can significantly impact children’s financial futures.
-Rebalancing investments is key to wealth building.
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