Written by W.H. Steiner April 25th, 2022
Children have specific financial needs that can be fulfilled by their parents and grandparents. In particular, the relationship between a grandparent and a grandchild is a very special bond. In many families, grandparents are already doing plenty to help. However, it is the future legacy that you're planning that can make the difference between financial failure and success. After reading this story that will learn how to start your grandchild on a new course never seen before, especially for children growing up in the 1960s or even the 1990s.
Here are questions that have answers.
1. Is there a plan that would be sustainable for the child's life?
2. Is giving cash on Christmas, Birthdays and Saint Patrick’s Day the best way?
3. How can you leverage the money to grow more than a local bank?
4. Is there a way to save at high interest rate without any possible risk of loss from the stock market?
5. Is there a flexible plan that can accept different amounts of funding to allow it to grow even faster?
6. Can there be a way where the plan can grow, and when needed you can access it anytime without any penalty?
7. Also, can the growth be tax free for the child, so a tax burden is not placed on him or her when the money is withdrawn?
8. Is it possible that some type of protection comes from the same plan in the event the grandchild is ever diagnosed with a critical illness?
9. How much money should you leave a grandchild?
10. Should I buy stock or leave a savings account for a grandchild?
Today you are going to learn about the most powerful savings plan for any child on the planet as we know it - where the Rockefellers and the wealthiest families place their money for their children. Be certain your contribution can make a forever impression on your grandchild, but a true legacy of wealth and sustainability can be created because you decided to fund the plan.
Now for the 10 answers... READ CAREFULLY!
Answer 1
There is one sustainable savings plan for the lifetime of the child regardless of age up to 120. (That's about when Moses passed away). It is called Universal Child Savings Plan.
Answer 2
By giving money to children, you can be sure the cash will be spent faster than it took to put in their hands. Savings would always be the best way to make sure it accumulates rather than buy a silly toy that will only be thrown in the garbage after the child becomes bored with it. A child savings plan will always do the trick.
Be sure to visit this page https://www.whsteiner.com/best-kids-savings-plan
Answer 3
In a Universal Child Savings Plan your money grows by monthly funding and compound interest year after year. That adds up a whole lot more than your local bank, or any bank for that matter. That's right! Compound interest - Warren Buffet's famous financial words of wisdom!
Answer 4
Yes, there is! Your savings plan is tied to an index, but has a feature called a zero floor. What does that mean? This feature protects you from ever losing a dollar when the stock market falls. In fact, you take only the upside of the market. Bet you didn't know that!
Answer 5
Yes, there is once again. You can fund your grandchildren's savings plan for as low as $25 per month. Most grandparents will fund the plan with $50 or more. Plus, they give the account a lump sum initial deposit, thereby putting enough fire into it to get it started going to work and building wealth.
Answer 6
When you start your child savings plan, you can access it after 12 months if need be. But remember, the idea for this plan is to leave a legacy, not treat it as a ATM card for diapers. It needs to grow over time. Pending the age of the child, it can grow over 1 million dollars and then some. It all depends how much you fund it in the first 10-15 years. There are even ways to fund it for 5 years and leave it alone to let it grow.
Answer 7
Do not worry about income tax or any tax for that matter. Under the IRS Rule 7702 this type of savings plan is tax favored, meaning as long as it's active you can access the cash accumulation as a loan. That means - you guessed it - "NO TAX". Forever!
Answer 8
Good news! This child savings plan comes with an insurance component. In the event your grandchild was ever diagnosed with an illness, the death benefit part of the plan would be triggered as a living benefit to provide money to pay additional medical costs or anything that your child deemed necessary.
Answer 9
This is the fun part. You can fund the plan as you see fit. Normally funding it over 5 years can be sufficient for a lifetime, but you can fund it over 10-15 years if you choose. You can gift your grandchild money every year without any tax consequences.
Answer 10
Good question... I say save money in your plan vs buying stocks. Stocks go up and down all the time, but the savings plan only goes up every year without fail. Not only that, but stocks’ upside also creates tax liability where the savings plan does not!
I hope the above answers give you a better insight into providing financial security for your grandchildren.
These 10 tips on how saving in a Universal Child Savings Plan show you how to give while saving at the same time.
This program is the best available means to leave a legacy for your grandchildren (outside of leaving them 1,000 shares of Facebook or Google).
If you are wanting to learn more, you can visit the website link below. https://www.whsteiner.com/ or request appointment.
As a grandparent, I cannot think of anything that would be more valuable or appreciated, not only to my grandchild but also to my children who are the parents. It provides security, emergency relief, and key access to money for critical times in their life. What could be a more loving gift from me as a grandparent, while I am living or when I am gone. I will have made a difference!
I am truly grateful someone showed me the ins and outs of this incredible product!! I got one for my 12 year old daughter and she will never need to worry financially as she gets older. So blessed to know something like this exists for every child , parent , and grandparent.
This is truly an amazing product. The article was well written and informative. Thank You. Now I know what to tell my mother to get for my kids. The old lady been looking around for something like this.
wow, what an enlightening article! AS a parent, it's easy to focus on everything except the child's financial future, but this makes me realize we can take steps now to ensure they are set for life! thank you