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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]
A Coverdell education savings account (also known as an education savings account, a Coverdell ESA, a Coverdell account, or just an ESA, and formerly known as an education individual retirement account), is a tax advantaged investment account in the U.S. designed to encourage savings to cover future education expenses (elementary, secondary, or college), such as tuition, books, and uniforms ...
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 ...
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 ...