Borrowing Money for School

Can I keep control over large cash gifts to a child?

Nolo.com |

In Brief...

I want to start giving my child (who is three months old) $13,000 a year, but I don't want her to blow the money on music and clothes when she's 16. You can maintain control of the money via your state's Uniform Transfers to Minors Act (UTMA), a trust, or a 529 college savings account.. Using the UTMA option, you name an adult custodian to manage the gift until the child reaches the age at which the Act says that the gift property must be turned over to her. You can easily set up a UTMA account at a bank or with a broker. The UTMA is available in all states except South Carolina and Vermont..

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