Responsible Ways To Use A Monetary Gift
- By
Julia Austin
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What if you have kids?
DeFreitas also brought up a 529 Savings Plan. This is an investment account parents can start for their children that’s typically sponsored by the state and offers great tax benefits. One such benefit is not paying taxes on withdrawals made for qualifying expenses (i.e. education). You can even use the funds to pay for the tuition of kids who are in K through 12 at qualifying schools.
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