Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 6774  
Subject: Re: account for a minor Date: 12/1/2011 3:00 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
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
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next


Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.