Hello, as part of my divorce agreement, in addition to monthly child support my and my ex are being ordered to open an investment account for the kids for their future. We have 2 kids, 5yo and 7o.
Her parents are very well off and have set aside money for them for college (if so desired) already. My parents are not as well off but have separately set up at 529 account.
I don't want to open another 529 account as that is locked into school and as mentioned above that is taken care of.
I am trying to weigh pros and cons of a Custodial Uniform Gift to Minors Act (UGMA) / Uniform Transfer to Minors Act (UTMA) investment account (similar to Schwab Custodian), versus a regular market account, versus a trust, or some other kind of tool.
The accounts MUST be in the kids name with myself as the custodian, but just curious if anyone has experience with the UGMA/UTMA account for kids future.
Thank you.
Submitted October 25, 2021 at 06:18AM by SuccessfulCable0 https://ift.tt/2Zf0Cds
