Custodial Accounts for Minors
Including a minor custodial account in your financial strategy is a meaningful way to build generational wealth and instill strong money habits early. It allows you to set aside investments for your child’s future—managed by you until they’re of age—while teaching them the value of stewardship and long-term planning. Whether you're preparing for college, a first home, or simply a financial foundation, this account helps you turn intention into impact.
Who controls the account?
The adult custodian manages the account — making all investment and withdrawal decisions — until the child reaches the age of majority (usually 18 or 21, depending on the state). At that point, the child gains full legal control of the account and can use the funds as they choose.
What can the money be used for?
Funds in a custodial account must be used for the benefit of the child — such as education, extracurricular activities, or other needs. Once the child takes ownership, they can use it however they wish, even if it’s not for college.
Is there a limit to contributions?
There are no annual contribution limits, but gifts above the IRS annual gift tax exclusion ($18,000 for 2024) may require filing a gift tax return.
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