Roth for Minors
If minors have earned income I understand they can do a Roth, but minors can’t own securities. What to do with with a 2nd generation minor client? Can’t have a Roth that’s a custodial account can you?
Dan Kinney
If minors have earned income I understand they can do a Roth, but minors can’t own securities. What to do with with a 2nd generation minor client? Can’t have a Roth that’s a custodial account can you?
Dan Kinney
Permalink Submitted by Al Fry on Thu, 2009-01-22 13:55
Yes you can, under the State’s UTMA/UGMA. Some custodians/carriers will take these.
Permalink Submitted by Denise Appleby on Fri, 2009-01-23 06:39
And some allow ‘guardian’ IRAs, under which the guardian can direct the investments-including securities- on behalf of the minor.