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Custodial Accounts: One Way To Make Gifts To Children

For those wishing to make a gift to a minor without giving the minor unfettered access to the gift, the custodial account, usually known as a Uniform Transfers to Minors Act account (UTMA) or a Uniform Gifts to Minors Act account (UGMA) depending upon the state in which one resides, may provide an answer.

Gifts made under a custodianship protect the child-donee in that a named adult custodian keeps the cash or other assets until the child attains the age of majority. In most states, this ranges anywhere from age 18 to age 21. The custodian is held to certain standards as to the way the money is invested and managed.

One major benefit of using a custodianship is that the expense associated with the use of a trust can be avoided. However, custodianships are only one among many ways of making gifts; they may or may not be right depending upon the situation.

For further information, contact Diane M. Pearson, CFP™ at (412) 635-9210 or legend@legend-financial.com




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