VIDEO: Understanding Custodial Accounts

  • Investment

by Leah Woodly

Hey, parents! Want to help set your kids up for financial success? In this video, we break down everything you need to know about the Uniform Gift to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) accounts. Learn how you can use these custodial accounts to build a financial foundation for your children. 

We’ll cover: 

  • What a UGMA/UTMA account is and how it works 
  • Who can be a donor and custodian – The tax implications of UGMA/UTMA accounts 
  • How UGMA/UTMA accounts affect financial aid calculations 
  • Important considerations for using UGMA/UTMA accounts 

Give your kids the financial boost they deserve! Make informed decisions to build towards their future success.

This material is intended for educational purposes only. You should always consult a financial, tax, or legal professional familiar with your unique circumstances before making any financial decisions. Nothing in this material constitutes a solicitation for the sale or purchase of any securities. Any mentioned rates of return are historical or hypothetical in nature and are not a guarantee of future returns. Past performance does not guarantee future performance. Future returns may be lower or higher. Investments involve risk. Investment values will fluctuate with market conditions, and security positions, when sold, may be worth less or more than their original cost. Dorval & Chorne Financial Advisors is a registered investment adviser with the SEC. Registration of an investment adviser does not imply a certain level of skill or training.

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