Building Wealth for Kids: Accounts Every Parent Should Know
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Building Wealth for Kids: Accounts Every Parent Should Know
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Welcome back to the Dollar Wise Podcast. In this episode, Andrew Barnhardt and Brett Herron explore various strategies for saving for children’s futures — whether it's for education, retirement, or general financial support. They break down the pros and cons of different account types, including 529 plans, custodial Roth IRAs, UTMAs/UGMAs, and saving in a parent’s name. Listeners will gain a clear understanding of how to align financial tools with their goals and ensure they’re setting up the next generation for success — without putting their own financial health at risk.
Tune into this episode to also learn:● The tax benefits and flexibility of 529 college savings plans.
● How custodial Roth IRAs can jumpstart retirement savings for teens with earned income.
● Why UTMAs and UGMAs offer flexibility — but come with tax and control trade-offs.
● When it may be better to save in your own name instead of your child’s.
What we discussed● [00:00:00] Introduction
● [00:00:31] Why saving for kids must come after securing your own financial foundation.
● [00:02:35] Pros, cons, and new rules around 529 college savings plans.
● [00:06:55] How custodial Roth IRAs work — and why earned income is required.
● [00:11:04] The flexibility and limitations of UTMAs/UGMAs for broader financial goals.
● [00:14:59] Saving in your own name: flexibility, control, and important tax considerations.
● [00:20:07] Why segmenting investment “sleeves” can help avoid misusing funds.
● [00:22:07] A quick mention of upcoming TRUMP accounts and what to expect.
- Saving for your children is important, but make sure your own financial house is in order first.
- Each account — 529, custodial Roth, UTMA/UGMA, or personal savings — has unique pros and cons.
- Teaching your child about money can be just as valuable as saving money for them.
Connect with Andrew Barnhardt: abarnhardt@hfmadvisors.com | LinkedIn
Connect with Brett Herron: bherron@hfmadvisors.com | LinkedIn
Like what you’ve heard…
- Learn more about HFM HERE
- Schedule time to speak with us HERE
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
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