ST Alpha - "Custodial Account trust fund, Savings, or portfolio?" (Reading a Post)

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In response to "STIS: If I wanted to set aside some money to invest for my kid, is there a preferred account to do so? " by Will Hunting

Custodial Account trust fund, Savings, or portfolio?

Posted by Bacon (aka redmond) Sep 23 '14, 09:40

I have been looking into these for my Nieces and Nephew. Looking to contribute to each of them on their birthdays.

In my case it will be Portfolio with an Options House account ($4.75 trades).

My thoughts are this. If one of these was started for me or I started it young I would be so much further along than I am now.

Also I am looking at legal advice so they can't poach it to buy a car or something. My desire is they use it for retirement or possibly a down payment for a first home.

The legal tape is confusing so I am still researching it. I don't want to do it wrong and have it double taxed.

That's all I have figured out at this point. Trust keeps them from using it for frivolous reasons and has them use it the way you would like. College would be another one.

Responses:

Okay, this is more what I'm looking at. I'll probably set up a talk with my broker for Friday and go over options. -- nm - Will Hunting Sep 23, 09:43 1
- Let me know what you find out. I don't want it taxed as a gift when I hand it over so that's where I am kind of stuck. thx in advance -- nm - Bacon Sep 23, 09:45

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Custodial Account trust fund, Savings, or portfolio?

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