Don't let the sticker shock of college scare you! It's easy to start saving for your child's education now. We can help you financially prepare for what happens after high school graduation to get you tracking toward your savings goals.
Uniform Gift/Transfer to Minor Accounts
A tool that’s more advanced than a basic savings account can still be simple! Uniform Gift to Minor Accounts/Uniform Transfer to Minor Accounts (UGMA/UTMA) allow your child unlimited access to the money you’ve set aside, without having to be used for education.
- Funds can be used for anything that will benefit the child—not restricted to education
- Beneficiary assumes account control at age of majority (usually 18 or 21)
- Account value is considered an asset of the beneficiary if seeking federal financial aid
- No income limits for contributors
- No limit to contribution amounts
- No limit on withdrawals, but withdrawals are treated as taxable events
- Some tax benefits on account earnings; consult a tax advisor for your specific situation
- Can be opened using a wide variety of investment products