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Reply to "Grandparents want to give $$$ to grandaughter. Does it need to go into trust?"
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[quote=Anonymous]One other option is a custodial account. These were widely used before 529's and have the advantage that the money does not have to be used for college. Most of the money given to our DCs by grandparents is put in a 529 but we also keep a smaller portion in a custodial account. I agree that a trust is not necessary for $10k. From the web: Custodial accounts—Uniform Gift to Minors Act (UGMA) accounts or Uniform Transfer to Minors Act (UTMA) accounts—are another tax-advantaged way to save for college. A parent, grandparent or other adult is custodian for the account and makes all the investment decisions until the child for whom the account was opened reaches the age of majority. UGMA accounts are limited to money and securities. [/quote]
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