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Planning your child’s financial future may feel overwhelming, but there’s one tool that often stands out for its simplicity and flexibility: UGMA custodial accounts. Whether you’re saving for college or teaching your child the value of investing, UGMA accounts are a versatile option to consider.
This guide is designed to provide everything you need to know about UGMA accounts, from what they are to their key benefits, limitations, and how to open one. By the end, you’ll have the clarity you need to decide if a UGMA custodial account is the right choice for your family.
What is a UGMA Custodial Account?
UGMA stands for the Uniform Gifts to Minors Act, a law enacted to allow adults to transfer assets to minors in a simplified and tax-efficient manner. A UGMA custodial account is an investment account opened for a minor, where a custodian (often a parent or guardian) manages the assets until the child reaches the age of majority, typically 18 or 21—depending on the state.
The main idea is straightforward: the assets in this account legally belong to the minor, but the custodian oversees its management and ensures it’s used appropriately. Importantly, these accounts are not restricted to educational expenses, unlike specialized savings accounts like a 529 Plan.
Key Benefits of UGMA Custodial Accounts
UGMA accounts are widely used for good reason. Here are some notable advantages that set them apart from other savings options:
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