Opening a custodial account can be a great way to gift assets to your children and help them become financially independent. However, there are many considerations to think about and consequences to weigh.
“Do I need a trust?” This is a question asked by many individuals as they consider their estate planning needs. The honest answer is “It depends.” Many factors, including a person’s tax and non-tax goals, their assets, and their family situation, will determine if a trust is necessary.