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Park Bank - First In Lasting Relationships ®
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  5. Custodial Accounts

Custodial Accounts

with Park Financial Advisors

If you want to set aside money for college expenses that aren’t covered by an Education Savings Account or 529 plan, a custodial account can help. Custodial accounts—also known as UGMA or UTMA accounts after the Uniform Gifts to Minors Act or Uniform Transfers to Minors Act that created them—are created for your child and managed by you. These trust-like accounts let you invest for a child’s education by making irrevocable transfers of income-producing assets to that child (and a lower tax bracket). You have broad control how the money is invested and spent while your child is a minor. When your child reaches maturity, typically 18, 21 or 25 years depending on your state— the account will need to be transitioned to the child and the money becomes his or hers to use in any manner they choose.

Primary benefits:

  • Assets placed in a custodial account are excluded from the gift tax, which also requires the money to be an irrevocable “no strings attached” gift
  • Money from a custodial account can be used for college expenses that are not covered by an Education Savings Account or 529 plan, such as membership dues or car repairs
  • Anyone (parents, grandparents, other relatives and friends) can make unlimited contributions to a custodial account up to the annual gift tax limit
  • It takes as little as $100 to open a Custodial Account at Park Bank

Park Financial Advisors – Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (Member FINRA/SIPC).

Insurance products are offered through LPL or its licensed affiliates. Park Bank and Park Financial Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Park Financial Advisors, and may also be employees of Park Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Park Bank or Park Financial Advisors. Securities and insurance offered through LPL or its affiliates are: 

Disclosure: Not Insured by FDIC or Any Other Government Agency, Not Bank Guaranteed, Not Bank Deposits or Obligations, May Lose Value

The LPL Financial registered representatives associated with this site may only discuss and/or transact securities business with residents of the following states: Wisconsin, Illinois, Arizona, Florida, Colorado, New Mexico.

Email is not a secure method of communication. Do not send personal information (e.g., Social Security number, account number, date of birth, etc.) in your message.

Park Bank - First In Lasting Relationships ®
414.466.8000
Find an ATM
  • Downtown Milwaukee

    330 East Kilbourn Ave
    Milwaukee, Wisconsin 53202
  • Downtown – Drive Thru

    302 East Wells St
    Milwaukee, Wisconsin 53202
  • Northwest Milwaukee

    7540 West Capitol Dr
    Milwaukee, Wisconsin 53216
  • Brookfield

    14870 West Greenfield Ave
    Brookfield, Wisconsin 53005

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