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Seeing the other message about IRA for children gave me the courage to ask this question.

I have a 3 year old, 9 month old, and (-7) month (on the way). My first 2 already have savings accounts each with $15k in CDs. Each will have about $500 in interest income this year. This gave me the idea to open Minor IRAs in their names and fund them equivalent to their CD income.

Can I do this? And, does it sound too extreme?

All opinions welcome.
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