Yes, a custodial account will allow you (the custodian) to invest money for the beneficiary (your child). The custodian (you) can withdraw money at any time, but it must be used for the "benefit of the minor." This can include things like a first car, tuition, or travel, but it cannot be used for the parent’s personal expenses.
Note for tax purposes - If the account earns significant interest or dividends, you may have to file a separate tax return for the child.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
