Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. She ...

・Teen brokerage accounts like Fidelity Youth are owned and controlled by the teen, while UGMA/UTMA custodial accounts are owned by the minor but controlled by the parent until the age of majority.

Setting aside money for your child’s future is one of the most meaningful financial decisions you can make, but the way you structure it matters. Custodial accounts are simple and inexpensive to set ...