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by Bricejm
4860 days ago
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TrustEgg Founder/CEO - You can set-up your own UTMA, but you would need to be the custodian. If you have a third party custodian (what we offer) then the price increases. We also have no minimums, which keeps many people from starting an account. TrustEgg also brings in friends and family to make contributions.
TrustEgg makes everything easy. As for price, if you have an adivser based 529 plan, you will pay an extra 1% on top of the mangement fees, or a load of around 6%. |
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Quoting wikipedia[1] on the difference this makes.
> The donor can serve as a custodian, rather than transferring the property to someone else to hold for the minor. However, the value of custodianship property is included in a donor’s gross estate if the donor dies while serving as the custodian.
[1] https://en.wikipedia.org/wiki/Uniform_Transfers_to_Minors_Ac...