Should You Open A Custodial Account For Your Kid?
- By
Julia Austin
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Here’s type 3
There is also the Uniform Gift to Minors Act account or UGMA account. This one offers lots of flexibility, as, in addition to transferring funds, you can transfer savings bonds, stocks, annuities, and life insurance. These funds must also be used explicitly for the benefit of the child, and breaking that rule can lead to serious legal consequences.
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