INB Wealth

UGMAs and UTMAs take the form of a trust. Your child can use the UGMA or UTMA funds to pay for college; however, once that age is reached, your child can also use the money to pay for anything else. Using a trust involves a complex set of tax rules and regulations. Before moving forward with a trust, consider working with a professional who is familiar with the rules and regulations.

How much life insurance coverage might you need? It can be hard to know where to start.

Our online Life Insurance Calculator makes it easy to explore your needs based on your unique situation. Whether you’re thinking about protecting your family, your business or what you’ve worked hard to build, it’s a simple first step toward understanding your options.

Try the calculator today:
https://www.inbwealth.com/learning_center/calculators/life_insurance

Have questions? The INB Wealth team is here to help.

Coverdell ESAs can be used for K-12 expenses in addition to higher education costs. Contributions may be made until the account beneficiary turns 18. The money must be withdrawn when the beneficiary turns 30, or taxes and penalties may occur.

Starting in 2024, the SECURE Act 2.0 allows recipients to roll over unused savings into a Roth IRA, if it benefits the same individual under certain conditions. Currently, money from a 529 that is used for non-educational expenses is subject to penalties and taxes.

U.S. credit card debt is approaching a record high.

Americans’ credit card balances reached $1.26 trillion in the second quarter, rising by $21 billion, according to new data from the Federal Reserve Bank of New York.

That puts credit card debt just below the all-time high of $1.28 trillion set late last year.

Strong consumer spending is one factor behind higher balances. Rising prices for essentials like groceries and gas may also be contributing.

Delinquencies remain a concern. The share of credit card balances more than 90 days delinquent rose from 7.6% to 12.8% from mid-2022 through early 2026.

Total U.S. household debt now stands at $18.8 trillion. Auto loan debt also reached a new high of $1.71 trillion.

For households, rising debt is a reminder that everyday expenses, interest rates, minimum payments, and emergency costs can all affect financial flexibility.


Source:

Credit card debt rises to $1.26 trillion, nearing all-time record Americans' credit card debt reached $1.26 trillion, increasing by $21 billion in the second quarter of this year, according to new data.

One of the greatest parts of my job as a financial professional is working with families, helping them pursue their goals. Among the most important of those family goals is saving for college.

Life insurance is about more than preparing for the unexpected. It can also be an important part of your overall financial plan.

From helping provide financial security for loved ones to supporting estate planning and leaving a legacy, understanding how your policy fits into the bigger picture can help you plan with purpose.

Our INB Wealth team can help you think ahead and explore how life insurance may fit into your long-term financial goals.

Meet Amy L. Barnes, AWMA®, Osaic Institutions Investment Advisor Representative, VP, INB Wealth!

For the past seven years, Amy has enjoyed being part of a team that shares her commitment to putting clients first. She finds fulfillment in helping individuals and families work toward important financial milestones through personalized planning and trusted guidance.

When she’s not helping clients plan for the future, Amy enjoys staying active, visiting Café Moxo for lunch, and dreaming about an extended trip through Greece, Italy, Spain and France.

Turning 18 is a big milestone for your child, and for you as a parent.

As they step into adulthood, some of the ways you’ve managed or helped with important decisions may change. That makes this a great time for families to talk about money, responsibilities and the plans that can help everyone navigate this next stage.

Growing up comes with more independence. A little preparation can help your family be ready for it.

Index Funds: Traditional and Not-So-Traditional Index funds offer a simple, cost-effective way to participate in the markets, but not all funds are so simple.