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Yes, a grandparent can open a custodial account for their grandchild, often referred to as a Uniform Transfers to Minors Act (UTMA) account, depending on the laws of their state. This type of account allows the grandparent to manage the funds until the child reaches a certain age, typically 18 or 21. It's important to check the specific requirements of the financial institution and any state regulations regarding the account.
What else can I help you with?
Is it possible for me to open a joint bank account with my grandchild?
Yes, it is possible for you to open a joint bank account with your grandchild. This would allow both of you to access and manage the funds in the account together.
Can you open another checking account?
Yes, you can open another checking account.
Can two minors can open a joint account?
No. Two minors can not open a joint account
Do I need an LLC to open a business account?
No, you do not need an LLC to open a business account. You can open a business account as a sole proprietor using your Social Security number.
What is the procedure to open a bank account in India?
how much money do i need to open a saving account
Can grandparents open a VAUTMA account?
No, only parents or legal guardians can open a Virginia Uniform Transfer to Minors Act (VAUTMA) account for a minor. Grandparents cannot directly open a VAUTMA account in the child's name.
Is it possible for me to open a joint bank account with my grandchild?
Yes, it is possible for you to open a joint bank account with your grandchild. This would allow both of you to access and manage the funds in the account together.
what are different kinds of bank account?
There are several, like a checking or a savings account, then there are commercial accounts for people who have businesses, then of course there are "in trust" accounts, these are accounts that are set up by one person for another e.g.: a grandparent can open such an account for a grandchild, and put money away every month until the child becomes of age. the best thing to do is to go and see a branch manager and ask what is best for you.
How to open and IRA for a 2 year old grandchild?
Would have to open a Coverdell IRA account and you would be the "guardian" on that account that would sign off on money being taken out or transferred to another firm, etc
What are the different kinds of bank accounts?
There are several, like a checking or a savings account, then there are commercial accounts for people who have businesses, then of course there are "in trust" accounts, these are accounts that are set up by one person for another e.g.: a grandparent can open such an account for a grandchild, and put money away every month until the child becomes of age. the best thing to do is to go and see a branch manager and ask what is best for you.
How can open new account in NCB bank?
Open account for ncb
How can you open account in NCB ksa?
how can open account in ksa
Can you open a saveigs account for a friend?
No. You cannot open a savings account for your friend. Only the concerned person who wants the account can open the account. Proxy account opening is not allowed.
How you open your railway Gmail account?
You can open your Gmail account the same way you open any other account. Fill in the credentials, verify the account. If all is good, your account will get created.
How do you open up a Vcom account?
can you open avcom account on line
Where in the bank do you go to open an account?
i want to open a checking account
How do I unlink my YouTube account to my Google account when my YouTube account is deleted?
Use the Account Re-Open Form to Re-Open the Account and then unlink! (If you account was made after May 2009, Then there is nothing you can do, Even if you do re-open your Google Account!)
