Should you open a UTMA account for your kids?

Should you open a UTMA account for your kids?
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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™

twitter: @travissickle

Sickle Hunter Financial Advisors
1646 W Snow Ave.
Suite 144
Tampa, FL 33606
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Information in this video is for educational and entertainment purposes only.
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#travissickle

[zhizhong]

This video brings up very good points. I remembered being just a kid and checking in on my savings account as well, watching it grow slowly. Great life lessons

[jcmojzis]

Thank you very much for such informative beautiful video

The point of investment….patience!

Thanks a lot

[TheKShepherd]

Can the UTMA receive monies from other then the parent or relative? Like a monthly social security deposit. For example, when i start taking my SS, my child who will be 11 can start getting 50% of my FRA per month. Times 8-9 years, that will add up to a ton of money. The IRS/SS have very specific rules for where that money is held. It must be an account owned by the child (and the parent can be custodian-can't be a joint account) That way, if there is any unspent monies when the child turns 18 (or 19 if still in highschool) the IRS doesn't come knocking at the door asking for it back. So can the UTMA be used receive money no matter where it comes from. In my example, that will be a month direct deposit from SS. Thanks

[Anthony-zwqb]

Are bonds bad in an utma due to the capital gains taxes ? Or are stock index funds a better solution ?

[chameeher]

Thank you for this video. After my child turn of age(18-21), can I still contribute money into their UTMA account ?

[rahulbhatt]

Hi Travis, great content! I'm trying to decide between a utma vs 529 vs roth ira for my daughter, who is 2 years old. I have a son who is five years old and have a UTMA in his name, which I converted to after his 529 was not really moving ( I opened it shortly after he was born). I like the idea of the UTMA, because you can choose your own investments and are not limited to the financial products that the 529 offers. Can I do the UTMA now and then convert to a 529 when my kid applies to college? What are your thoughts on the Roth IRA?

I really appreciate it your time. Lemme know if u have patreon n i can subscribe.

Thanks!