Menopausal Mother

Do you have an investment account set up for your children (or grandchildren)? It's never too late to start one, and it's a smart idea at any age. 

A kids' investment account is a custodial account under the "Uniform Gifts to Minors Act" (UGMA) that allows adults to gift things like cash, stocks, and bonds to minors. Parents, guardians, or grandparents maintain the account for the child, who becomes the owner when they reach adulthood. 

Many parents choose prepaid college plans, while others are eager to teach their children how to be responsible by helping them start their own savings accounts. For interested parents, Forbes has published a list of top high-yield savings accounts to look into. 

Once your child or grandchild is an adult, they can withdraw the money anytime. But as the account holder, you can withdraw the money for them while they are still minors for anything they need---and enjoy the tax advantages. 

Opening a savings account for your child or grandchild is one of the best gifts you can give them for their future and one that will be appreciated for generations to come. 

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