Invest in Your Child’s Financial Future with UGMA Accounts

"Building a Financial Foundation: UGMA Accounts and Fabric by Gerber Life Lead the Way"

Life is busy. Taking care of day-to-day tasks can be overwhelming as a mom. Even though we are pulled in all different directions, it’s important to invest in securing their financial futures too.  A lot of attention is placed appropriately on nurturing our kids’ personal and academic growth, but it’s just as important to ensure their long-term financial stability. It’s easier than you think, especially when you start early with Uniform Gifts to Minors Act UGMA accounts.

Setting your child up with a UGMA account can serve as a strategic investment tool for their future. This is a unique type of account that allows you to gift cash, securities, life insurance policies, and other assets to your child in a tax-advantaged way. As noted in my previous blog post on financial protection, “Setting up a UGMA account is a great first step to building a nest egg for your child, whether you want it to save for college, their first car, a down payment for their first home, or whatever you decide for their future.”

A UGMA account can set your children up for financial stability.  You remain in control of this account as the custodian until your child reaches adulthood to ensure the funds are used wisely.  This enables us to ensure the funds are allocated towards endeavors that will benefit our children in the long run, whether it’s funding their education, supporting entrepreneurial ventures, or providing a safety net for unforeseen expenses.

Unlike traditional savings accounts that you may be more familiar with, UGMA accounts offer unique flexibility that you will love – the assets can be used for any expense that will benefit your child’s financial future. The possibilities are endless including educational expenses and even medical bills. As noted in the Bankrate guide, “UGMA and UTMA accounts do not have a requirement to make a withdrawal.” That’s great news since life throws us many curve balls including children with different interests and needs – no two children need or want the same things in life. An UGMA account offers that flexibility.

Now, let’s consider Fabric by Gerber Life. This innovative platform represents a paradigm shift in the domain of life insurance. With Fabric, we have the authority to secure coverage swiftly and seamlessly, eliminating the need for medical exams or burdensome paperwork.

Between carpooling, packing lunches, and getting your kids to bed on time, we need to squeeze in a little time now, no matter how old your kids are to embrace our role as stewards of our children’s financial destinies too. By leveraging the power of UGMA accounts and exploring innovative solutions like Fabric, we lay the groundwork for a future characterized by stability, security, and prosperity for our beloved families.

Let’s not stop with just a UGMA account, take another step toward investing in your child’s financial future with life insurance. It’s easier and quicker than you might think. There are even instant coverage options, such as those offered by Fabric by Gerber Life, that provide immediate financial protection without the hassle of medical exams. As mentioned in our previous post on life insurance without a medical exam, these policies offer swift approval, ensuring your family’s security is prioritized efficiently. By combining UGMA accounts with instant life insurance coverage, you can set your child’s financial foundation up quickly and easily. Why wait? The sooner, the better.

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Cindy
Founder and Lead Blogger at Akron Ohio Moms
Cindy is the top Akron Blogger with her own take on awesome brands for families, where to vacation for families, a beat on local activities and family fun, a knack for getting moms to share , and a house that is always 2 weeks away from a complete remodel!
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