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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.
Anyone can open an account; no income restrictions or qualifications to be met
There is no limit on contribution amounts or the number of contributions you can make
Account beneficiary gains control of the funds at age 18 or 21, based on your state
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.
Pricing & Fees
For pricing and fee information, please contact PNC Investments or see the PNC Investments Client Schedule of Commissions & Fees.
Gift Tax Exclusion
Contributions to custodial accounts under UTMA qualify for the annual federal gift tax exclusion, up to $15,000 for 2020.
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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