Every parent wishes to leave behind a legacy for his or her children. A loving parent would like to have something to pass on to the children when they mature. The items that parents leave should help the children succeed as adults. The following are three items that parents can leave for their children that can help them:
Savings Bonds or CDs
One thing that parents can leave for their children is a collection of savings bonds. Savings bonds earn interest as they mature. Certificates of Deposit are similar items, as both items accrue interest until the consumer cashes them.
A Reliable Vehicle
Every child wants a vehicle when he or she reaches the legal driving age. A parent can purchase a vehicle and maintain it until the child reaches the age of maturity. Alternatively, the parent can start an interest-bearing savings account and store money for the sole purpose of buying a car for the child. A parent can find a high-yield savings account through many banking institutions. A high-yield account will allow the money to grow over the years.
A Variable Universal Fund Life Insurance Policy
A variable universal fund life insurance policy is a special policy that can grow. It contains the elements of a classic life insurance policy along with the elements of an investment account. Parents have access to the policy’s cash value. Therefore, they can withdraw or borrow money from the policy when it comes time for the children to either go to college or purchase a vehicle. Examples of companies that offer variable universal life insurance policies are MetLife, Prudential and Allstate. An interested parent can conduct research alone, or the person can go through a broker who can find the best rates for his or her situation.
A Vacation Ownership
A vacation ownership account is a glorious gift that parents can leave behind for their children. A vacation ownership account is an account that allows family to visit multiple exotic and fun-filled locations through a special membership. Owners can visit more than 4,000 properties around the world. Vacation owners can plan their vacations at any time and at any of the approved destinations. Parents can pass down this wonderful asset to their children, and they can use it in their adult lives. They can look at photos from Bluegreen Resorts to see what the area will look like when they visit.
The previously mentioned ideas are just a few suggestions for people who want to store something worthwhile for their children. Parents can start working toward something special today so that their children can have a bright future tomorrow.