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A custodial account is a popular way for parents and guardians to invest for their children’s future. Accounts are easy to set up and manage, and the adult custodian can choose from a wide range ...
An alternative to a custodial account is a savings account that’s designed for children under age 18, and there is joint ownership between the parent and child. The best savings accounts for ...
Like a custodial Roth IRA, a custodial IRA is owned by a minor but opened and managed by an adult until the child is legally able to take over responsibility for the account. The primary ...
The Uniform Gifts to Minors Act (UGMA) is an act in some states of the United States that allows assets such as securities, where the donor has given up all possession and control, to be held in the custodian's name for the benefit of the minor without an attorney needing to set up a special trust fund. This allows a minor in the United States ...
Stockpile is an online brokerage account designed for parents who want to give their children a leg up in personal finance. By opening a custodial account for a child or teen, parents can help ...
The custodian is often the minor's parent. In the U.S., this type of account is often structured as a Coverdell ESA, allowing for tax-advantaged treatment of educational expenses. Another form is a trust account owned by an individual or institution, managed by a named party for purposes of rapid distribution of funds in that account. This is ...
For instance, if you want to contribute more than $2,000 per year or have too high of a MAGI, a Coverdell may not be the best option for your situation. Some other options to consider include: 529 ...
(a) A parent's first and principal obligation is to support his or her minor children according to the parent's circumstances and station in life. (b) Both parents are mutually responsible for the support of their children. (c) The Guideline takes into account each parent's actual income and level of responsibility for the children.