Custodial Accounts 101 (Everything You Need in 25 Minutes) 

We have set up one for my daughter. We asked her to think about things she likes, then we’ve told her to look up who makes it, and find out if they are doing well. She’s 7, but I think its good to learn about this early.

So i was trying to convince my father to make one acc for me but then he didn't even let me complete my words and laugh it off.... Im never telling them anything Im letting my aunt open it for me... Anything thank you so much for this video it really is gonna help so many people ❤

I get the Custodial Roth in the child's name once they have earned income and it is fantastic, but I've never really understood the UGMA for folks with under 20 million in assets. At that point for estate planning you do need to be making some moves, but the stepped up basis for inherited assets is a huge tax benefit of holding in your name and you can always spend the money on their behalf up until that time. My instinct is in a long term portfolio the tax drag isnt going to overtake the benefit of stepped up basis. Zooming out a bit if you do gift as a down payment for a house there is benefit to it being in their name in advance for mortgage applications.

Thanks for this video, it's very thorough, very information and to the point. You covered everything. Just one question - I did not see Fidelity on your list, could you please provide your thoughts on that as well? Thanks.

Thanks for making this video brother shows you read your comments and respect all you say brother.

I set one up as soon as my boy got his SSN and am doing the 15k/year gift maximum on it (or whatever I can afford going forward). He already has a dividend income of $5/mo. That's better than I was doing at 3 months of age 😂

Benny's ballin!

You don't need an axe to set yourself apart

Thank you.

How do I use this for stocks etc? Like I have to be over 18 to make a account in the first place and there no place for me to go to like a custodial login

Benny is going to be an underwater welder 😉

What's your opinion on Earlybird? I set one up because I like that family members can contribute easily. Is it common for people to have both a UGMA and a 529?

I opened a custodial account with charles schwab , roth Ira, and they put 100% of the asset allocation into cash & cash investments. That doesn't seem right to me. My child is 14 and this is for his future. Like 40 yrs later. Does this seem right to you?

can you share benifeciary for custodial account and in 529? what if you have multiple kids.

I really wish the age could be set at 26, the same age that most kids leave your insurance and graduate. Then, if desired, they can use the fund to pay off the student loans. Also, one must teach kids the value of saving and investing, because an 18 year old with that kind of money might just blow the money, like on an overpriced car.

Does the account get to stay as it is, just owner ship moves? Or does the account get luqidated and the money handed over as a lump sum? If my son wanted to can he leave the investments alone and let them continue to build?

Trying to convene my parents to open a custodial acount.

Benny