For example, atMerrill Edge—the digital broker platform that used to be Merrill Lynch—a UGMA/UTMA custodial account can be set up online with funds directly transferred from a checking or savings account at Bank of America, Merrill's parent company. There are no annual account fees or minim...
With a custodial account, the custodian — the adult managing the account — has transacting authority over the account and can make deposits and withdrawals. Anyone can contribute to a custodial account. It’s possible to use a custodial account to gift minors cash, securities, annuities, real ...
At that point, the child is generally able to take control of the account and funds, though in some cases you may be able to continue to apply restrictions. You may also see custodial accounts described as UGMA/UTMA accounts. This is based on the Uniform Gifts to Minors Act or the ...
I have opened a custodial account for each of my three grandchildren, without any permission from the parents. Byavedalet— On Jan 12, 2009 I have just closed a custodial account for my daughter. I am the custodian. I want to know if I am able to deposit the funds into my checking/...
A custodial account is a great way to give minors cash, securities and other investments. That said, keep in mind the tax and financial aid implications and the fact that withdrawals must be used for the benefit of the minor. Editorial Disclaimer: All investors are advised to conduct their ...
Minors cannot legally incur debt, eliminating the potential for creditors to win a judgment against them. UGMA custodial savings accounts may be subject to garnishment if the account is set up to withhold disbursements until the minor child is 21 years of age. Between the ages of 18 and 21,...
The term can be used to describe a specific legal relationship, as in the case of a custodian under the Uniform Transfers to Minors Act, (56) or generically to describe the holding of a "thing," (57) but for the most part it is not used...