Minor Accounts

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August 31, 2024 3 min read Definitions

Custodial Accounts (UGMA/UTMA): Financial Accounts for Minors

Finance Banking Investments Custodial Accounts UGMA UTMA Minor Accounts Financial Planning

Custodial Accounts (UGMA/UTMA) are financial accounts that facilitate the transfer of assets to minors without restrictions typically found in other specialized plans, although they do not provide specific tax benefits like those of a 529 plan.

August 25, 2024 3 min read Definitions

Custodial Account: Financial Accounts for Minors

Finance Banking Custodial Account Minor Accounts Banking for Minors Financial Planning Kiddie Tax

A custodial account is a financial account that parents or guardians create for a minor, typically at a bank or brokerage firm. Minors cannot make financial transactions without the approval of the account trustee.