Robert Brokamp

Our kids knew they had 529 plans, but we didn't spend time going over the accounts with them.

More of the education happened with the modest custodial accounts that we opened for our kids, investing them in index funds of various assets, large caps, small caps, international.

But then once the kids were old enough, they helped choose some of the stocks in the accounts, starting with a list of recommendations from the Fool's Stock Advisor service.

And then, when they were teenagers and had jobs, we opened Roth IRAs for them, and again, investing the money in index funds in individual stocks.

It seems to have worked for us and our family, and I know it got each of our kids much more interested in saving money and investing.

Finally, I just want to make sure you understand that what I've discussed in this episode really does just hit the highlights.

There is a lot more to learn about each of these accounts, so do additional research and perhaps speak to a financial or tax professional.

Time to get it done, fools.

And this one is for the pet owners out there.

It comes from an article in the recent issue of Kiplinger's Magazine entitled, Why Fido Should Be in Your Estate Plan.

And we're not just talking about dogs.

We're talking about all pets.

Because without a plan, a pet's future is left to chance if you pass away and may end up in a shelter instead of a stable home.

Experts recommend naming a successor, caregiver, and a backup whose lifestyle, home, and personality fit the pet and making sure that you check at least once a year just to confirm they still want to do it.

And naming a specific person also prevents future fights if more than person would like to take over caring for your pet.

You should also set aside some money for expenses with the amount based on the pet's age, health, and expected lifespan.

Actor Diane Keaton reportedly left her golden retriever about $5 million through a pet trust, but you probably don't need to leave that much.

According to the article, it costs about $1,700 a year to care for a cat or a dog, and a pet trust might make sense since pets can't inherit money directly.

And that, my friends, is the show.

Thanks for listening, and thanks to Bart Shannon and his cat for engineering this episode.