Bedel Blog

Setting a goal is the first step in beginning your college funding journey. Figure out how much you want to provide for your child. Some parents aim to provide a set amount for each child, for example, $100,000 in future dollars, while other parents choose to link their goal to an institution, such as four years of in-state tuition at Indiana University-Bloomington.

Paying your child 1099 income through your business, having them set up an LLC, and contributing to a Roth IRA is an excellent strategy to teach financial literacy and help your child build long-term wealth. It provides immediate tax benefits for your business while offering your child a head start in saving for retirement.

Many understand the tax advantages of employing a health savings account for themselves or their family, but few know how it can be used for an adult child. Check the rules to see if your adult child can open their own HSA.

If you are already married and both working, you may have compared health insurance plans from both employers to see if joining the same plan makes sense. With a baby now in the picture, it is a good time to review and make sure you are on the best family insurance plan available.

This is a long-term investment. Your child will probably not fully appreciate your generosity today, but as they grow, so will the account and (hopefully) their gratitude!

The Kiddie Tax applies to children under 19 years old and full-time students under 24 who don't support themselves financially. The tax is assessed on unearned income received by children who meet previously noted age requirements.

When you pass, you don’t get to take your money with you, so avoiding the common pitfalls of wealth transfer is best. Prepare your heirs, talk openly about money, pass along family values, and don’t be afraid to implement a trust.

The most important thing about college savings was to begin. I do not know about other parents, but for me, one of my first thoughts after regaining my senses was about the cost of college.

The American Rescue Plan (ARP) has more than just stimulus payments to offer. If you qualify for the enhanced child tax credit, be on the lookout for the IRS portal rollout in a few months. Many families have benefited from child tax credits in years past, but the enhanced credit differs in several ways.

Helping a grandchild with their college expenses by putting money in their 529 is great! But do you know if contributions count as a gift or if the grandchild is a "skip person," or if it can hurt financial aid eligibility?

Evaluating the reasons behind a desire to purchase life insurance on a child can be helpful with the question "does it make sense?" If you are protecting against future un-insurability, it's hard to argue an alternative solution.

According to the Pew Research Center, 15% of middle-aged adults will end up financially supporting a parent and a child at the same time. If you find yourself in that 15%, you’re part of what has become known as the Sandwich Generation. We discuss what you should think about if you find yourself being sandwiched between the two generations.

Teaching children financial literacy skills early in life can help set them up for future financial success, but where’s a parent to begin? At Bedel, we encourage parents to teach the three S’s – saving, smart spending, and sharing. Read on for the details on each.

Is your child’s identity at risk? That might sound like a crazy question, but young children are prime targets for identity theft. We’ve outlined how children’s identities can be stolen, warning signs to look for, and what you should do if you find out your child has become a victim.

Most people would likely agree that teaching children about investing is a very important life lesson. However, if you try to have a discussion about stocks and bonds with most children, their eyes will quickly glaze over. How can you get them more involved?

There is nothing better than celebrating the birth of a new baby. If it is the first baby, there are many “first time” experiences to be enjoyed as well as some “first time” decisions to be made. Naming a guardian is one of those.