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Started By
Message
Difference between Custodial Acct and UGMA/UTMA account
Posted on 2/15/17 at 4:01 pm
Posted on 2/15/17 at 4:01 pm
Looking to open a custodial account thru Vanguard for my child. I don't see custodial account option but see the following: Uniform Gifts/Transfers to Minors Act (UGMA/UTMA) accounts, which are administered by an adult on behalf of a minor until the child reaches the age of majority (typically 18 years old).
What is the difference?
What is the difference?
3
Posted on 2/15/17 at 4:03 pm to ThatsAFactJack
Those are custodial accounts.
Posted on 2/15/17 at 4:07 pm to Shepherd88
quote:
Shepherd88
Thanks. I assumed as much but wanted verification before going thru the process to open an account.
Posted on 2/15/17 at 5:06 pm to ThatsAFactJack
The UGMA transfers to the minor at age 18. The UTMA can be set to transfer up to age 25, depending on the state. The UTMA can also hold more different kinds of assets than the UGMA.
Posted on 2/16/17 at 8:04 am to ThatsAFactJack
I converted both of mine from UGMA to UTMA accounts because of the higher age of majority in my state.
I think Louisiana is 18 for both though.
I think Louisiana is 18 for both though.
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