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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 ...
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 ...
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 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 ...
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 ...
Typically the obligor is a non-custodial parent. [citation needed] Typically the obligee is a custodial parent, caregiver or guardian, or a government agency, and does not have to spend the money on the child. In the U.S., there is no gender requirement for child support; for example, a father may pay a mother or a mother may pay a father.
Let's breakdown UGMA accounts versus custodial Roth IRAs a bit further. A UGMA account is a custodial account that allows minors to own securities and other assets under the management of a parent ...
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