Health Savings Accounts (HSAs) are known for their triple-tax benefits: contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free. But did you know that adding your adult children to your HSA can provide an additional tax-saving opportunity? Non-dependent, adult children on your HSA plan can open their own Single Health Savings Account, receive their own tax deductible contributions, and take advantage of the tax-free growth and withdrawals for their medical expenses.
With a real-life example and practical advice, this article by Jeff M. Brandon, a Senior Wealth Planner at Smith + Howard Wealth Management, offers a compelling case for maximizing the benefits of your HSA and saving money on medical expenses by adding adult children as beneficiaries. Read the full article here.
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