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You will be responsible for making certain that any withdrawals from the "custodial" 529 account are used for the benefit of the minor child.

But, for nearly any account that is opened for a minor at a bank or brokerage firm in the minor's name or Social Security number, the account documents will likely provide that it is a TMA custodial account under state law.

Before 529 programs became prevalent as an attractive vehicle for funding college education, many families utilized traditional custodial accounts (UTMA or UGMA).

A primary benefit of these accounts is that, up to certain limits, any income generated from these accounts is not taxed or only taxed at the child’s tax rate instead of the parent’s presumably higher tax rate (see kiddie tax chart below).

Uniform Act §§ 3 and 9 set forth the specific requirements of a transfer subject to the Act.

Transfers under the Act are irrevocable and leave the donor with no legal or equitable rights in the property. 1985), finding the custodian/parent breached his fiduciary duty in using custodial funds to make his own court-ordered child support payments for the child. Code § 3914, both providing that the "use and benefit" standard is intended to include payment of the minor's legally enforceable claims such as tax, child support, or tort claims.