Sentences with phrase «money in a custodial account»

Custodial account Money in a custodial account can be invested in many different securities, including CDs, stocks, bonds, and mutual funds, and the assets don't have to be used exclusively for college.

Any money in custodial accounts for which you are the custodian will be counted as part of your taxable estate if you are the legal guardian of the child and the child has not yet reached the age of trust termination.

Not exact matches

While the age increase was implemented to curb asset shifting by the wealthy, it has the unintended consequence of penalizing teenagers who work and save their money and parents who save for college using custodial accounts in their children's names.

The money will then be in a 529 account, but must continue to be managed according to the requirements that apply to custodial accounts under UTMA.

The custodian maintains full control how the money is invested but it's important to note that all assets in a custodial account BELONGS solely to the minor and shouldn't be withdrawn.

In most cases, it's the child who gets the deduction when shifting custodial - account money into a 529.

Parents who want to transfer assets to or deposit money for their child must do so in the form of a custodial account.

While money market fund managers say they are not seeing a sizable wave of redemptions yet, they are setting aside more cash, leaving it at custodial bank accounts in case investors demand their money back.

You can start a 529 plan anytime before your child turns eighteen and unlike a custodial account that eventually transfers ownership to the child, the account owner (not the child) calls the shots on how and when to spend the money in a 529 plan.