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Any deposits or gifts made to the account are irrevocable, meaning they cant be changed or reversed. All the accounts holdings pass, irrevocably, to the minor at the age of majority. 1 In contrast, many college savings plans, such as 529 accounts, allow parents to retain control of the funds.
What are the cons of a custodial account?
A Potential Negative Impact on Financial Aid Because custodial accounts are assets that are legally considered the property of the minor beneficiary, they may reduce the childs eligibility for financial aid when it comes time for college.
What are the downsides of a custodial account?
The drawbacks: You cant change the beneficiary of a custodial account once its established. Your child can use the money however they want after reaching a certain age, and investment income in custodial accounts may trigger the kiddie tax. The account can impact financial aid eligibility.
How does a custodial account work?
Custodial accounts dont require distributions at any point. Gifts to a custodial account are irrevocable, meaning they cant be adjusted or reversed. Depending on their state of residence, the accounts holdings irrevocably pass into the minors control when they come of age.
Who owns the assets in a custodial account?
Assets and income in a custodial account belong to the minor beneficiary (the child).
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Jan 26, 2017 Under a master plan, a single trust or custodial account is established, as part of the plan, for the joint use of all adopting employers. Under
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