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Financial Planning / Tax Strategies


Subject:  Re: Brokerage account for child Date:  11/23/2020  7:50 AM
Author:  reallyalldone Number:  131355 of 132797

Remember, though, that this money belongs to the child, and once the child reaches age of majority, they can use the money however they want, so it behooves the parent to ensure that the proper financial lessons are being taught along the way.

As usual 2gifts has it covered. We don't know where anyone is and age of majority varies by state -

It's been awhile since my kids aged out but it was kind of a PITA in some cases - like having the child have to set up a different account to move the money to, etc, and both the custodian and child be available. Scottrade was the easy one for my kids but it no longer exists. I might pick Schwab because of the great checking account for anyone who travels internationally. I like Fidelity's customer service and web site better.

And depending how much is in the UGMA account, there are tax implications and the parents are responsible.
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