Should You Open A Custodial Account For Your Kid?
- By
Julia Austin
Source: FatCamera / Getty
It can affect financial aid later
You should know that having a custodial account can affect the financial aid your child receives for college later. When considering how much aid to give a child, lending and charitable institutions consider how many assets the child already has, and the funds in her custodial account will be counted as her assets. This shouldn’t deter you from starting such an account, but it’s important to know.
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