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Most state laws provide a way to establish a custodial account under either UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act).

Gifts and education funding for children

The UGMA, as originally enacted, did not allow a custodial account to hold real estate and various other investments.

Case study: making gifts to minors

Funds may be used for anything, without restriction, resulting in our third C, or "carte blanche!" Neither college nor control is a requirement of a custodial account. However, custodial accounts can still be useful for gifting, planning and intergenerational wealth-creation purposes.

The three Cs of education planning. (Dollars and Sense)

When an educational custodial account is established at a bank or IRS-approved entity, the designated beneficiary must be a child under 18 years of age.

Tax incentives for a child's education

Grudis, who must hold and trade stocks through a custodial account in his mother Carol's name, is not just bragging but speaking to a national trend among teens.

KID WITH PORTFOLIO

In addition to these in-house risks, Freddie Mac has expressed concern that many lenders do not understand proper custodial account procedures.

Do servicers train adequately?

Many funds reduce their minimum initial investment for a custodial account @one in which you control the money for the child).

Stocking stuffers that pay off

For example, the earnings on a custodial account you've set up for your child or a trust account for which you're trustee might be listed as income to you.

5 things not to do at taxtime

The addition of a custodial account totaling USD2.4 billion late in the first quarter 2016 contributed approximately two-thirds of the increase in asset management revenue on a sequential basis.

PrivateBancorp reports Q2 2016 net income of USD50m