I want to start an investing account for my new born. I do not want to do a 529, I don’t see huge benefits in it and don’t like the way the spending is restricted. The education side is also pretty much already paid for.
Anyway, what would the diff be in opening a UTMA/UGMA account vs just opening a separate brokerage account for me and then basically gift it to her when I’m ready?
Reason I ask is, the UTMA/UGMA scares a bit where they get full control when reaching 18/21. I’d like to prevent her from being able to totally waste the money. If I’d gift a brokerage account to her I could do it only when I feel she’s ready.
Anyway, what would the diff be in opening a UTMA/UGMA account vs just opening a separate brokerage account for me and then basically gift it to her when I’m ready?
Reason I ask is, the UTMA/UGMA scares a bit where they get full control when reaching 18/21. I’d like to prevent her from being able to totally waste the money. If I’d gift a brokerage account to her I could do it only when I feel she’s ready.
Statistics: Posted by Sasquatch1 — Sun Dec 29, 2024 9:44 am — Replies 7 — Views 246