custodian account at age 21
I have 18,000 in a app called Stash was a custodian account. My daughter’s gonna turn 21 I’ll transfer it to our this one. Is there anyway to do list tax free or any liability on a transfer to her . and a stock account. She is in college.
Terry Says
Whew — depending on your state of residence, it is hers when she reaches the age of majority, either 18 or 21.
Is she applying for financial aid for college? If so, this would weigh very heavily against her.
Does she already have student loans? If so, my sense would be to use the money for her benefit and pay off her existing loans, so the interest doesn’t kill her in the years ahead.
I don’t know enough about your financial situation to offer better advice. But there MUST be a better idea than handing over a wad of cash to you child!
