Custodial Account—Uniform Gift/Transfer to Minors Act

Estate, Tax

For a minor to own investments in his or her own name, a custodial account must be used. A custodial account is established through the Uniform Gift/Transfer to Minors Act and allows a custodian to control a savings account until the child reaches the age of majority, when the account becomes the sole possession of the child. For more information about custodial accounts and to learn about some the advantages and disadvantages, read this Financial Strategy.

“We Have Moved”—Did You Tell the IRS?

Tax

In the event that you move, you are required to inform the IRS of your new address and contact information so that they can update it in their files. If you fail to do so, any vital information regarding your taxes that is sent to your "last known address" is legally effective, even if you never received it. For more information about the steps to take to keep your information up-to-date with the IRS, read this C.P.A Insight.