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Reply to "Custodial account for investing"
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[quote=Anonymous]Two family members put money aside for them, one was in a UTMA and the other they put as joint account, so we paid taxes. Two other family members always gave $50 or $100 for every bday or holiday (I think it was like giving their inheritance because it was second wife, not bio) so I finally opened a UTMA and put it in there. At 20 and 22 they have just over $20K (Including the $$ we turned over to them from joint account) on top their own $$ from working. Neither one is a big spender, so it’s fine. We have a trust and they won’t get much more until we kick the bucket. [/quote]
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