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Custodial Account Management

Give a minor a gift of investments or cash by opening a custodial account.

If you want to give a minor a gift of investments or cash, opening a custodial account may be one solution. It can be used for college savings, too.

With each custodial account, only one minor can be named as "beneficiary" and only one adult may act as the "custodian." Only the custodian can make investment decisions. The custodian cannot be changed unless he or she resigns or becomes incapacitated, or a change is made by an order of the court.

Anyone can contribute, regardless of income, and there are no contribution limits. However, there is an annual federal gift tax exclusion amount of $15,000 per contributor, per beneficiary ($30,000 for a married couple).

Funds are set aside solely for the beneficiary; there are no other limitations on withdrawals.

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