Victoria from Arkansas has saved $50,000 for her son's education but he wants to buy a car instead. Neale's advice might surprise you!
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Comments (2)
No. 1-2
NealeGodfrey
Editor
Hi Terry. It was an UTMA account. It's a custodial account set up for a minor(an UGMA or UTMA account). The Uniform Gift to Minors Act (UGMA) established a simple way for a minor to own securities without requiring the services of an attorney to prepare trust documents. Many parents use it to set up college funds.
TerryPotter
I didn't know this! What kind of account did the mom use?
