Sentences with phrase «custodial account for any child»

You can open an individual taxable account or an IRA account, but there is no option to open a joint account with your spouse or a custodial account for your child.

Many parents open custodial accounts for their children and name themselves custodian.

Here are a few more ideas for how to handle regret over setting up a custodial account for a child under the Uniform Transfers to Minors Act.

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.

These types of accounts, where financial gifts to a minor are held in a custodial account until the child reaches adulthood, offer another option for saving for your child's education.

A custodial account under the Uniform Transfers to Minor Act (UTMA) allows you to save for your child or grandchild's future higher education needs.

Not only can you choose from the usual savings account and CD options, but you can also open a custodial fund for your child or an IRA for yourself.

That said, Sallie Mae Bank doesn't offer custodial UGMA / UTMA accounts, which are other options for adults to save for a child.

A child - owned 529 account (in a custodial account) is also treated as an asset of the parent for Free Application for Federal Student Aid (FAFSA) purposes.

And you may want to think twice before opening a custodial account if you think your child will apply for federal student aid when it's time to attend college.

In general, you can use a custodial account to pay for any expenses that benefit the child, as long as they are not considered the basic essentials of living.

A parent or grandparent can use a Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account (i.e., «custodial» account) to save for a child, but the child named on the account would gain control once he or she reaches a specified age.

People use a variety of different investment vehicles to save for their children's education, including IRAs, custodial accounts, and 529 plans.

Custodial accounts help you invest for a child and take advantage of the lower tax rate given to minors.

Many families establish UTMA / UGMA custodial accounts to save for their children's education, taking advantage of the tax savings.

A custodial account under the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) provides a way for you to invest on behalf of a child.

For children who are college - bound, the availability of financial aid is a relevant concern in setting up a custodial account.

Too often parents set up a custodial account for one child and find that they can't establish a comparable account for a later child.

Under current law, assets owned by the child (including any assets in a custodial account for the benefit of that child) count much more heavily than parental assets in determining financial aid awards.

A trust can be set up for the benefit of all your children, but a custodial account is owned directly by the child named at the time it was established.

Use a variety of CIT Bank products to set up a Custodial Account (UTMA) for a child in your life and give them a head start on their dreams.

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

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.

each spouse's earning capacity, taking into account absence from the job market and custodial responsibility for children during the marriage, as well as education, training, and experience

Although best interests of children always remain paramount concern on request for removal of children from Commonwealth, because best interests of children are so interwoven with well - being of custodial parent, determination of children's best interest requires that custodial parent be taken into account.

(2) If a relocation of the parent is in good faith for legitimate purpose and to a location that is reasonable in light of the purpose and if neither has been exercising a significant majority of custodial responsibility for the child, the court shall reallocate custodial responsibility based on the best interest of the child, taking into account all relevant factors including the effects of the relocation on the child.

For example, a custodial parent earns $ 2000 a month while the non-custodial parent earns $ 4000; if the child needs $ 1500 a month, $ 1000 (two - thirds) will be paid by the non-custodial parent as they account for two - thirds of the total income of $ 60For example, a custodial parent earns $ 2000 a month while the non-custodial parent earns $ 4000; if the child needs $ 1500 a month, $ 1000 (two - thirds) will be paid by the non-custodial parent as they account for two - thirds of the total income of $ 60for two - thirds of the total income of $ 6000.

Child support guidelines take the income of each of the marital partners in a divorce into account, The child support owed by either party to the children of previous marriages, the number of children, educational cost, medical expenses, day care expenses for the custodial parent and other expenses all contribute to the final amount owed by both the custodial parent and the non-custodial paChild support guidelines take the income of each of the marital partners in a divorce into account, The child support owed by either party to the children of previous marriages, the number of children, educational cost, medical expenses, day care expenses for the custodial parent and other expenses all contribute to the final amount owed by both the custodial parent and the non-custodial pachild support owed by either party to the children of previous marriages, the number of children, educational cost, medical expenses, day care expenses for the custodial parent and other expenses all contribute to the final amount owed by both the custodial parent and the non-custodial parent.

The parent receiving child support can place all payments into a custodial savings or investment account for the child.

With the failure to take into account the individual needs of the family, the above arrangement, very often, placed a huge burden for the custodial parent who would have to the day to day parenting responsibility, while at the same time the non-custodial parent became the fun parent whose time with the children was weekend play.