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The Uniform Gift to Minors Act is the federal law that allows children to own stocks, bonds, mutual funds and other securities. An UGMA account must be registered in the name of a child, but an adult serves as custodian and is responsible for managing the assets within it.
There is no limit on the amount that can be invested in an UGMA account. Contributions aren’t deductible and parents/custodians should work with an appropriate tax advisor to consider all tax implications.
A potential drawback is that you lose control of UGMA assets when your child turns 18 or 21, depending on the state. At that age, your son or daughter can legally use the money however they want. An advantage is that UGMA funds can be used for any expense that benefits your child, not just education.
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Cetera Investment Services is an independent, registered broker/dealer and registered investment adviser. Member SIPC/FINRA. Securities and insurance products provided by Cetera.
For a comprehensive review of your personal situation, always consult with a tax or legal Advisor. Neither Cetera, nor any of its representatives may give legal or tax advice. Advisory services may only be offered by Investment Advisor Representatives in connection with an appropriate Cetera Advisory Services Agreement and disclosure brochure as provided.
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