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Custodial accounts, established under the Uniform Gift to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA), allow parents or others to contribute to a child's education or future. With these accounts, benefactors can invest up to $12,000 individually—$24,000 if funds are given jointly with a spouse—per year, per child, without triggering a gift tax as long as parents and others stay within gift limits set by the IRS.
All investments in the custodial account are owned by the minor, yet benefactors will have control over the account until the beneficiary reaches age 18 or 21 depending on the state.
Custodial Account Benefits
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Related Links
•North Carolina's National College Savings Program
•National Association of Woman Business Owners
•Online Brokerage Demo
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