Clark wants you to know about a tax change going on in Washington D.C., which will affect upper middle-class and wealthy families. These families will set up a custodial account for the benefit of a son or daughter. These children were subject to paying a punitive tax for that money. At first, it was through age 14. Then it was moved to age 18. Just recently, it was bumped up again to age 24. That means that these people are now adults, possibly living on their own, and still paying this “kiddie tax.” The good news is that there is an out. If you have a child with a custodial account, this year you can sell holdings and you’re only taxed five percent. After January 2008, that tax goes up to 35 percent. So, if your child is 18-23, make sure you talk to an accountant and get this taken care of this year. Get tax advice pronto to ensure you make smart tax moves this year and in future years.