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Custodial accounts. A custodial account is an account that parents can set up and manage on their minor child’s behalf, and the child is able to take over the account upon becoming a legal adult ...
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 ...
One way to do both is with a custodial brokerage account, often referred to as an UTMA or UGMA account -- named for the Uniform Transfer to Minors Act and the Uniform Gift to Minors Act -- that is ...
Custodial accounts come in a number of forms, one being an account set up for a minor, since the minor is under the legal age of majority. 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
These accounts are also great places to build your emergency fund. 529 college savings plans: Designed for education expenses, 529 plans provide tax advantages and long-term growth potential.
Under the UGMA or UTMA, the ownership of the funds works like it does with any other trust and the donor must appoint a custodian (the trustee) to look after the account for the benefit of the beneficiary. [citation needed] Until 1986, a UGMA or UTMA account allowed the assets to be taxed at the minor's income tax bracket. Tax law changes in ...
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...
3.5 out of 5 Overall. Key Features. Companion checking account for minors. Autosave feature through Chase checking. 5,000 branches. Get Details. JP Morgan Chase Bank, typically referred to as just ...