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Would Schwab S&P 500 Index fund be considered tax efficient per BH standards? This would be in a UTMA brokerage account that kids would take over when they're on their own.
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Yes, the fund is tax-efficient.
Turnover is just 2%, and there have been no capital gains distributions in the last two years.
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Bear in mind that you want to generate taxable income in the UTMA when the kids are paying 0%. You will need to learn the rules for taxation of minors. You will likely want to do some tax gain harvesting when they are under the limit. This will increase their cost basis and result in less tax later if they elect to sell when they are subject to capital gains tax.