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We have 2 kids, a 2 yr old and 5 yr old. My husband is an allergist, with a base salary of $165K and got two bonuses, one $10K (had taxes taken out) and one pending one of $40K (has not yet received; isn't sure whether to get taxes taken out.) My salary is $65K.

We are contributing as much as we are allowed to to 401ks. Is there anything else we can do to put the money aside and reduce our taxable income? What about a trust for the kids? Would this help? We don't need to have access to the bonus money (most of it, anyway) and would be happy to have it go into savings for the kids...if there is anyway to do this and lower our tax bracket, we are all for that. (Otherwise we will put much of it in their 529s...but what we really hope for is a solution to lower taxes, if possible.)
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