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Q. What type of custodial account does Stash offer?
Stash offers Custodial Accounts that are called UTMAs (Uniform Transfer to Minors Act) and UGMAs (Uniform Gift to Minors Act) as allowed by state law. How is the account type determined? The account type (UTMA or UGMA) is decided by which state the person opening the account (AKA the Custodian) resides in.…
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Q. Do funds in the custodial account affect eligibility for financial aid of the beneficiary?
Yes. Question 42 of the Free Application for Financial Student Aid (FAFSA) form asks about the student’s net worth. Custodial accounts (UGMA/UTMA) like those offered on Stash, are considered to be assets owned by the student if the student is the owner of the account and their parent is the custodian.…
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Q. Are Custodial accounts protected from creditors?
In the event of a bank failure or takeover, custodial accounts are FDIC insured. This means that if anything happens to Stash, our custodian Apex, or the wider banking system, your custodial account is safe from creditors. A custodial account is a kind of irrevocable trust.…
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Q. What is the age of majority?
The age of majority is when a person legally becomes an adult. This can vary by state, but is usually either 18 or 21. This is the age when funds in a custodial account¹ can be turned over to the minor.…
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Q. Who can be a custodian?
You can open a custodial account for a minor and be a custodian if you: Are 18 years of age or older Already have a Stash Invest personal brokerage account Are a U.S. Citizen…
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