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UGMA and UTMA custodial accounts allow adults to make a financial gift to a minor and also name someone (including themselves) as the custodian of the account.The important word here is “gift.” The money in these accounts, once given, is the legal property of the minor.The custodian’s job is to keep it safe and invest it wisely so that the minor will benefit from it someday.UGMA and UTMA accounts are often used to pay for college, but can also be used for any expense the minor incurs—anything from basic costs of living to leisure activities like team sports.For more details on how college savings accounts may impact financial aid, read “Understanding the paths to securing college financial aid.” 3.Investment options: UTMA and UGMA accounts do not generally include an age-based investment option, which has become a hallmark of the 529 plan.A decision of this type is not to be made lightly as it could affect your child’s ability to pay for college.
They might not be aware of how much money is available through federal financial aid, or they might not want to take out federal student loans in the future to cover costs, but what can they do when money is needed immediately for non-college purposes?Qualified expenses include, but are not limited to, tuition and room and board at any accredited college.Up to ,000 annually (per student) may be used for K–12 tuition.Families may want to seek guidance from a professional financial advisor to set education savings goals and identify investment choices.
College costs have risen dramatically in the last decade, making it important for families to make the most of college savings.
It also applies at ages 19 to 23 if the individual is a full-time student and relies on parents for at least one half of support needs.