I’m thinking of having a UGMA account opened for a child. I live in Pennsylvania where the age where the child gets it is 21. It will also be taxed. Should I just let my child open their own account at 18 or start at UGMA for them?
I’ve only been into stocks for a year, my kid is 16. So, he could just wait 2 years or they could wait 5 years and get a head start with me investing for them now.
Please let me know.