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Reply to "Custodial Account Question"
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[quote=Anonymous][quote=Anonymous]We turned over accounts of $300k-500k to each kid when they turned 21 (we were allowed to opt 21 vs 18). However they know that money is for financial security later in life, not to go out and buy a sports car or something. It helped a lot when they were applying for rentals out of college as they looked like a good risk. They’ve also seen how money well invested can grow and are motivated to continue maxing out 401k etc. I guess my point is to teach them how to handle it.[/quote] +1. You have to teach them about money. Our DC’s custodial account was signed over at 18. He’s using it for college expenses and so far (fingers crossed), he’s been extremely wise about spending. He’s learning about investments and taxes, and understands that any money left over can be used as a down payment on a house, etc. As others have noted, the ship has sailed, so you might as well figure out how to make the best of it. [/quote]
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