Two popular options emerge in this landscape: UTMA/UGMA custodial accounts and 529 plans. While both serve the purpose of ...

Understand the drawbacks of 529 plans, such as penalties and financial aid impact, and discover flexible alternatives.

Best investment accounts for kids Teen-owned brokerage account 529 college savings plan Coverdell education savings account Custodial Roth IRA UGMA or UTMA custodial accounts Who's this for?

One way around this is to liquidate the UGMA or UTMA and transfer the assets to a 529 college savings plan. These accounts are treated as an asset of the parent on the Free Application for Federal ...

UGMA/UTMA: Universal Gifts to Minors Act (UGMA ... If you are set on saving for college, a 529 is likely the best choice. But if you are looking for something more flexible, a brokerage account ...