What is an UTMA account?
account which is referred to as an UTMA but you really don’t know what it is. Or maybe this is the first time you have ever heard of this type of account and now you are curious. Which ever is the case, you are in luck. I am going to tell you what an UTMA account is, the benefits of the UTMA, and a couple possible reasons you may decide the UTMA account is not right for you. Either way the decision is yours, so why not be informed. First of all, an UTMA account is a uniform transfer to minors account. These accounts are for the purpose of saving money for your child(ren)’s future education expenses. With this type of account you, as the parent, are the custodian for your child’s account. The money is your child’s for the sole purpose of his or her education, until your child reaches the age of twenty- one. At the age of twenty-one your child can take the money out of the account to use for any purpose he or she wishes to use it for. The account is reported under your child’s social sec
