I want to plan for my children's futures - and while I believe I understand from articles at Fool.com, Smartmoney, and Forbes, is that I cannot purchase an IRA, as such, for them: it needs to be done with "their" money (which they must have earned).
- How can I setup a nominally-equivalent account for my child at a younger age?
- What is the maximum number of these I can create in a given year for my family (children, wife, and self)?
- Are these limits increased if I utilize both traditional and Roth IRAs?
Sidebar - is the annual limit $2000 or $5000 as of 2013? The sources above conflict on that number