Comments | 3 Responses

  1. says

    Jeff, I am a little unsure of what is the exact benefit of creating a custodial account, other than a small tax benefit. It seems that you can just as well gift your child money at whatever point in their lives you see fit, bypassing the hassle of creating a separate custodial account altogether. Perhaps I’m missing something here…

  2. Nikita rodskiy says

    I think custodian account is a great opportunity for parents to help children manage their personal finance and save up for the education!
    Another good idea might be to complement the custodian account with an automatic savings program so that children could contribute part of their personal money towards future financial goals. In that case parents may reward children for example by matching their savings..
    Children’s involvement into building up their custodian account will increase their financial responsibility.

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