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A custodial account is an investment account for children and teens offered by brokers. Adults, usually parents, make contributions to the account on behalf of the child until the child reaches ...
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.
Saving for your child's future, and in turn teaching your child about investing, can be among the biggest long-term concerns for any parent. One way to do both is with a custodial brokerage ...
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 ...
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1]
Child development accounts have been established in a number of other countries, [25] where they are primarily viewed as anti-poverty policy, [26] rather than investments in education. Canada, Singapore, and the United Kingdom have instituted national CSA policies, with eligibility criteria, matches, and allowable uses consistent with the ...
Custodial accounts allow you to manage finances for a child or other minor. Usually these types of accounts are set up by a parent, relative or guardian on behalf of a family member, although this ...
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