No, cannot legally own securities. If you open a college savings pan for him,

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Jan 17, 2019
2:55:40pm

PhilPete All-American

No, cannot legally own securities. If you open a college savings pan for him,

in your name, then he can own them through that account registered in your name.

This message has been modified

Originally posted on Jan 17, 2019 at 2:55:40pm

Message modified by PhilPete on Jan 17, 2019 at 2:55:56pm

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PhilPete

Previous username: philpete84041
Bio page: PhilPete
Joined: Sep 24, 2003
Last login: May 6, 2024
Total posts: 27,139 (28 FO)

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Messages

Author

Time

Can a 13 yo have their own investment account? My son wants to buy some mutual

Iman23

1/17/19 2:54pm

No, cannot legally own securities. If you open a college savings pan for him,

PhilPete

1/17/19 2:55pm

Uniform Gift to Minors Act. I am not sure they are still available

BYU71

1/17/19 2:57pm

Still availabel. I couldn't remeber the title of the account. Thanks.

PhilPete

1/17/19 3:26pm

Old enough for a CB account should be old enough for an investment account.

garyfan

1/17/19 3:04pm

Just open a UTMA account for him at somewhere like Fidelity. It’s easy.

RdF3

1/17/19 2:59pm

UTMA or UGMA, but I believe they get full control of the account when

neboutefan

1/17/19 3:07pm

This is what Vanguard told me last week as well when I asked the same question

BYUfan92

1/17/19 3:31pm

Yes - Open a custodial account at Schwab

A Man in Full

1/17/19 3:18pm

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