Are all custodial accounts called UGMA/UTMA?
I have a child with enough saved money to justify a brokerage account. The savings include both earned income and years of accumulated gifts. This money is currently in a bank savings account in child's name with me as custodian. When I go through the Vanguard account type questionnaire it offers the only option as a "UGMA/UTMA brokerage account for a minor" to "Gift a nonretirement account to a young person." But I am not gifting anything, they own this money. Is UGMA/UTMA the right account option for helping a minor child invest their own money?
I have a child with enough saved money to justify a brokerage account. The savings include both earned income and years of accumulated gifts. This money is currently in a bank savings account in child's name with me as custodian. When I go through the Vanguard account type questionnaire it offers the only option as a "UGMA/UTMA brokerage account for a minor" to "Gift a nonretirement account to a young person." But I am not gifting anything, they own this money. Is UGMA/UTMA the right account option for helping a minor child invest their own money?
Statistics: Posted by EHEngineer — Thu Oct 17, 2024 3:02 pm — Replies 5 — Views 169