5 ways:
1. A 529 account for college savings - the benefit tax-free investment growth
2. Custodial Roth Ira - as a business owner I pay my child as a model for my business - investing just $6500 for the next three years that $19500 will be worth over $2m at his retirement
3. Adding as an authorized user to credit cards, to build his credit from a young age
4. A trust - avoids probate and protects my kids from future creditors and divorces
5. Financial education - the earlier you educate your kids about money the more likely they are to thrive financially as an adults.
This is not specific legal or tax advice. This is educational only. Please consult with a legal and tax professional with regard to your specific needs.
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