Should You Open A Custodial Account For Your Kid?
- By
Julia Austin
Source: JGI/Jamie Grill / Getty
They don’t have to claim it at 18
Your child also doesn’t have to take over the money at age 18. Legally, she can, but if you have an open dialogue about money, you can do what my father did: he said, “This money is yours now if you want it or, if you’d like, I can continue to manage it for you, finding investment opportunities for it, and growing it.” Your child may say no to that arrangement, but it’s worth discussing.
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