Understanding Custodial Accounts for Children as Hiding Spots in Pennsylvania
Introduction to Custodial Accounts Custodial accounts are financial accounts established for the benefit of a minor, which are managed by an adult custodian until the minor reaches a specified age, typically 18 or 21 years old. Under the Uniform Transfers to Minors Act (UTMA) in Pennsylvania, custodial accounts serve as a legal vehicle for transferring … Read more