Custodial Share Savings accounts are opened under the terms of the Uniform Transfers to Minors Act. A parent or legal guardian may open an account for a minor who is under 18 years of age. No Monthly Fees You won't worry about monthly fees eating away at your earnings. ...
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 ...
A custodial account is much simpler and less expensive to establish than atrust fund. The aim of both UGMA and UTMA regulations was to allow adults to transfer assets to minors without the need to establish a special trust to enable such ownership. ...
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, ...