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A custodial account is an account that parents can set up and manage on their minor child’s behalf, and the child is able to take over the account upon becoming a legal adult.
Choose a bank to open a CD account By doing a bit of extra research and comparing top CD rates, you’ll get rewarded with a better payout. The first step to narrowing your search is deciding ...
The custodian is often the minor's parent. In the U.S., this type of account is often structured as a Coverdell ESA, allowing for tax-advantaged treatment of educational expenses. Another form is a trust account owned by an individual or institution, managed by a named party for purposes of rapid distribution of funds in that account. This is ...
Saving for your child's future, and in turn teaching your child about investing, can be among the biggest long-term concerns for any parent. One way to do both is with a custodial brokerage ...
This allows a minor in the United States to have property set aside for the minor's benefit and may achieve some income tax benefit for the child's parents. Once the child reaches the age of maturity (18 or 21 depending on the state), the assets become the property of the child and the child can use them for any purpose.
These accounts can have higher interest rates than those on traditional savings … Continue reading → The post How to Open a CD Account appeared first on SmartAsset Blog. Everything You Need to ...