The Motley Fool Discussion Boards

Previous Page

Family Life / Family Fool


Subject:  Re: account for a minor Date:  12/1/2011  3:00 PM
Author:  JAFO31 Number:  6767 of 6776

BetterThanGold: "I'm planning to set up a brokerage for my daughter and cant seem to decide what kind of account to set up. what is best coverdell account, a 529 plan, a traditional IRA or a Roth IRA, UTMA or UGMA custodial account?"

reallyalldone: <<<It depends on your purpose and your financial situation now and in the future.>>>

In addition to what rad wrote, your minor cannot open a traditioal IRA or Roth IRA unless the minor has earned income.

Coverdell accounts and 529 plans are intended to used primarily to fund education.

Whose money is it now? Why do you want to open it in your daughter's name? If it is your money, are you making a gift? In what do you want to invest? etc.

Regards, JAFO
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us