Was wondering what our options are with the money that’s already in their UTMA accounts? I was thinking of buying CDs through the bank to keep everything tidy and within their name. We didn’t realize how restrictive having a UTMA account could be - article. Are we stuck with simply low return, low risk options? I would love to use their funds to buy index funds or TBills and have it deposit back into their accounts but wasn’t sure how separate we need to keep the transactions from my own accounts. With Treasury Direct, I would have to create a Minor account and link it to mine but I’m not sure if I can add their UTMA account to my list of banks -seems messy if we need to keep things separate. Any advice would be greatly appreciated! Kids have over ten years for this money to grow. Thanks!
Submitted January 20, 2023 at 04:14AM by Broken_Perfectionist https://ift.tt/ej0oDJ2
