Understanding Custodial Accounts for Children as Hiding Spots in Virginia
What are Custodial Accounts? Custodial accounts are financial accounts established for the benefit of a minor, managed by an adult until the child reaches adulthood. In Virginia, the Uniform Transfers to Minors Act (UTMA) governs the creation and operation of these accounts. This legislation allows for a seamless transfer of assets to minors without the … Read more