Thinking about setting up gold for the grandkids' future
- •Been doing a lot of thinking lately about the grandkids, especially with my son taking over more of the logistics company.
- •It's a good business, built it from the ground up here in Memphis over 30 years, and I’m ready to start enjoying more time with the missus.
- •We've got a decent portfolio, probably sitting around $750k, and a decent chunk of that is allocated to my Gold IRA.
Been doing a lot of thinking lately about the grandkids, especially with my son taking over more of the logistics company. It's a good business, built it from the ground up here in Memphis over 30 years, and I’m ready to start enjoying more time with the missus. We've got a decent portfolio, probably sitting around $750k, and a decent chunk of that is allocated to my Gold IRA. Those American Gold Eagles I picked up a few years back have done well, and honestly, they just feel more substantial than looking at numbers on a screen.
My question for this group is around setting up something similar for the next generation. I want to make sure my grandkids have a solid foundation, something tangible that isn't just subject to the whims of the stock market. I’m thinking about setting up some sort of trust or custodial account that specifically holds gold coins for them. Not looking to give them access to it until they’re older, maybe 25 or 30. Does anyone here have experience with that? What’s the best way to structure it so it's protected but also easy to transfer when the time comes?
I’m particularly interested in hearing about the tax implications of gifting gold, or if there's a better way to do it for long-term legacy planning. I’ve heard about things like Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) accounts, but I'm not sure how well they work with physical gold. Is it better to just buy the gold outright and store it for them, or is there a specific investment vehicle that makes more sense? Any advice from those who've gone down this road would be really helpful.