As an irrevocable transfer to a minor, this account is opened for children under the age of 18 and is a great way to save for their future. The Florida Uniform Transfer to Minors Account is opened and managed by a Custodian (usually a parent or grandparent), but the funds in it are owned by the minor child. The child does not have access to the funds in this account until he or she legally becomes an adult. This is usually on the child’s 18th birthday, but the laws may vary by state. Although the Custodian may withdraw from the account, the funds must be used for the benefit of the minor. The Custodian may be required to submit proof to the Internal Revenue Service of how the funds were used.
The minimum to open this account and earn the Annual Percentage Yield (APY) is $5.
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