The secret tax loophole that high earners use to help their children financially:
found that 84% of high net worth households surveyed were extremely motivated to create wealth in order to provide financial security for their families. This can range from doing the right estate planning to simply being strategic and clever in how they utilize everyday retirement accounts.
“There are several strategies that people have played with but a particularly powerful one deals with an adult child still covered under the parent’s health plan,” says Anna Kissick, Director of HSA Business Development at Liberty Savings Bank. “Many times, it is a way for parents to help their child in their ‘adult’ life with a healthy financial start.”
Here’s how high earners are using these definitions to their advantage in creating a unique HSA strategy: While the child is covered by the parents’ health care plan and is also a dependent on the parents’ tax return, they come under the parents’ HSA funding. This means the family can fund $7,000 for tax year 2019 .
Under this strategy, the parents would fund $7,000 for their HSA and the child would fund $7,000 in their HSA. A total of $14,000 could grow tax deferred and be used tax free for qualified medical expenses.
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