Custodial Accounts (UTMA)
Save for your child or grandchild's future needs.
A custodial account under the Uniform Transfers to Minors Act (UTMA), available through PNC Investments, allows you to save for your child or grandchild's future needs. This includes higher education expenses.
A custodial account under the Uniform Transfers to Minors Act (UTMA) allows you to save for your child or grandchild’s future needs, including (but not limited to) higher education expenses. Although custodial accounts are not tax-advantaged accounts, earnings and withdrawals may be subject to the child’s tax rate rather than the account holder’s.
- A means of saving for a child or grandchild’s future needs, including higher education expenses.
- Anyone can open an account; there are no income restrictions or qualifications to be met.
- Allows for unlimited contributions and unlimited contribution amounts.
- Account holder controls all investment decisions.
- Withdrawals can be made from the account to cover expenses for the benefit of the child.
- The child gains control of the account when he/she reaches age 18 (or 21, depending on the state's age of majority).
Pricing & Fees
For pricing and fee information, please contact PNC Investments or see the PNC Investments Products and Services Overview.
Gift Tax Exclusion
Contributions to custodial accounts under UTMA qualify for the annual federal gift tax exclusion, up to $17,000 for 2023.
Though there are a few exceptions, in most cases the beneficiary has no right to the assets in the account until he or she reaches age 18 (or 21, in some states).
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