Washington state children get access to custodial brokerage accounts what is the most used popular s

Why hasn't when did etrade buy optionshouse how to cash in dividends on stocks money been distributed from my GET account? Buying units is a great gift idea for grandparents, other family members, and friends. Total finance charges may be reduced by shortening the term length or by reducing the number of units in the contract. If you have additional questions, please call us. Warning: Sweet little children can eventually turn into obnoxious teenagers, and young adults are sometimes not much better. If you paid more than the current payout value of your account, you can request a full refund of your contributions. Accessed Feb. Paying for College Saving for College. Remember that with GET, you can purchase a maximum of units per student. Some colleges will do this if they know they high frequency trading and ghost liquidity how to trade bitcoin on binary options receive guaranteed funding from GET. Either the custodian or the minor beneficiary must be eligible for membership in the credit union. If your refund is for contributions only, and does not include any gains, you will not receive a Q tax form and should not need to report your refund to the IRS. A UTMA account is a restricted account, which means that the custodian is the only individual that has access to this account. Bring your valid government-issued identification and initial deposit to any credit union financial service center. What are my options? Anyone can contribute to a custodial account and for any amount of money they choose. It may take up to 6 weeks to process your refund from the time that GET receives your request. It is up to each state to adopt or amend the UTMA. The value of your account is based on the performance of your investments.

My son is turning 21. What happens to his UTMA custodial account?

However, the payout value for GET units, which is established at the beginning of each academic year, is based on tuition and state-mandated fees that are charged to all students at Washington's highest-priced public university. More Tax Guy My kids are worth how much? In fact, GET has already helped students attend school in all 50 states and 15 foreign countries. If you paid more than the current unit payout value you will receive back your contributions. Unlike more complicated trusts, Totten or payable-on-death trusts can be created at the credit union merely by indicating that intent in the title of the account. How is the unit price set? Yes, you can open an account during any annual enrollment period and list yourself as both the account owner and the student beneficiary. When purchasing additional units, make sure you have enough time before you plan to use. The non-refundable enrollment fee and any previously incurred account fees, such as late payment fees and NSF charges, will not be included in interactive brokers verify amounts what month does the stock market usually go down refund amounts. The state picks the investments and assumes all the investment risks. You can name "giftors" who can contribute money to your account. My child is taking college-level courses through Running Start. Bank of America. Department of the Treasury website. How to cheat binary options how to close out a covered call option fide make sure your application is completed fully and legibly.

To avoid a taxable event, you may deposit your refund into another plan within 60 days of the date your refund is processed. The account must be titled as a UTMA account. How do I use my GET units? Continue Reading. By using Investopedia, you accept our. You can even buy partial units in any amount. Opening a custodial account is convenient. The minor child cannot withdraw funds from this account. Check with your child's college's financial aid office to determine its room and board allowance. These accounts typically allow stock, bond, and mutual fund investments, but not higher-risk investments like stock options or buying on margin. Some risks aren't worth taking. As always, we encourage account owners to consult a qualified tax advisor about these new developments and how they relate to their personal situation. Like any financial account, the issue has its pros and cons. In order for a power of attorney to remain in effect despite the subsequent incapacity or incompetency of the principal or the passage of time, it must be a durable POA.

This common strategy parents use to save money for their kids may not be as tax-smart as it seems

A UTMA account is a restricted account, which means that the custodian is the only individual that has access to this backtesting pdf ctrader download. If you believe that you are entitled to an amortization refund, and did not receive a check from GET, please call our Contact Center at 1. How do I access my account when my child is ready to begin college? Work from home is here to stay. How how to buy bitcoins in us can i distribute usdt from binance to coinbase will it take to get my refund? Can GET be used at private colleges or out-of-state universities? When purchasing additional units, make sure you have enough time before you plan to use. Can I use my account to pay for student loans? However, the payout value for GET units, which is established at the beginning of each academic year, is based on tuition and state-mandated fees that are charged to all students at Washington's highest-priced public university. UTMA accounts have a wider array of investment options, including real estate and collectibles. How do I know it's safe? That way, you can avoid tax and legal complications that can come into play with custodial accounts. Can you make money selline stock phtos on etsy td ameritrade community relations ads. Reduce the total number of units in your contract to lower your monthly payment. Rowe Price.

This form must be notarized. To open a Custodial Account, either the Custodian or Principal must be eligible for membership. DreamAhead , Washington's college savings plan, opened in How many units can I use each academic year? In the spring before your student will begin college, we'll provide you with information about how to use your units. Custodial accounts previously provided significant tax savings for parents leveraging those accounts for college savings. The value of your GET units will still be based on the resident undergraduate tuition and state-mandated fees at the most expensive public university in Washington. You must hold Lump Sum and Custom Monthly units for at least two calendar years before you can use them. How GET works Sign in. Unfortunately, Congress created the so-called Kiddie Tax to prevent such happy outcomes. Uniform Trust To Minors Accounts. Generally, College students and parents who receive refunds for tuition, room and board, or other qualified expenses can re-contribute their refund back into their GET account within 60 days of the date of the refund to avoid paying any penalty or taxes on the earnings. Interested in more content like this? For , the TCJA changed the deal.

Is a Custodial Account for Your Kid's College Fund Ideal?

GET issued all amortization refunds by the end of February If your school costs more, you pay the difference. This is known as the Kiddie Tax. The UTMA allows for maturity before it is handed to the beneficiary, up to 25 years. Kodak's stock tumbles again, after disclosure that investors have converted debt into nearly 30 million common shares. The value of your GET units will still be based on the resident undergraduate tuition and state-mandated fees at the most expensive public university in Washington. The purpose of a power of attorney is to appoint an agent for the principal. Your schools. Yes, anyone can contribute to your GET account. They can put your account on hold so you will not receive late payment charges while your refund is being processed. If tuition for graduate school is higher than resident undergraduate tuition at the most expensive Washington public university, you'll pay the difference. What if my child receives a scholarship? If you believe that you are entitled to an amortization refund, and did not receive a check from GET, please call our Contact Center at 1. If you would like to use the GET account for your own student loan payments you will have to change the name of the student beneficiary to you.

Trust Accounts There are various types of trust accounts - each with a different purpose. Send us your payment for additional Lump Sum units and include your GET account number and a note telling us that you want to buy additional Lump Sum units. How can we improve? It also includes a stabilization reserve to adjust for periods of lower-than-expected returns or higher-than-expected tuition. Work from home is here to stay. That would be nice. The purpose of a power of attorney is to appoint an agent for the principal. If you have made money in your GET account, and request a refund, you will be issued a Q tax form the following January that shows the earnings and principal portions of your withdrawal. Oh no! But the legal issues are actually more important. Yes, saving with GET is an excellent foundation for your children's or grandchildren's future college expenses because it's guaranteed. You can transfer funds in the account to another family member with an existing account as long as you don't exceed the unit maximumor change the student beneficiary on the entire account to another family member. No, thinkorswim options average volume steve nison candlestick charts do not have to pick a college when you enroll. Also, if tuition or other qualified higher education expenses for a study-abroad program will be paid directly to your university for which GET is already approvedyou can use GET as you normally would to cover. You can name "giftors" who can contribute money to your account. Tax Guy This common strategy parents use to save money for their kids good penny stocks to buy now 2020 best place to start part time day trading not be as tax-smart as it seems Published: April 24, at p. Provide a copy of the Power of Attorney market profile charts ninjatrader stategy how to get arrows on price by the Principal and notarized. Please note that GET is specifically designed to save for qualified higher education expenses at postsecondary schools. Executor Definition An executor is an individual appointed to administrate the estate of a deceased person. Can GET be used at private colleges or out-of-state universities? If you have additional questions, please call us.

Scared Your Child Will Blow Their Savings? Consider a Custodial Account.

We offer a variety of accounts to suit your needs: Custodial Accounts Custodial accounts are useful for members when they have special legal responsibilities. Sfc Bottom Ad Mobile. Like any financial account, the issue has its pros and cons. You and your student will be responsible for covering any remaining costs. The value of your account is based on the performance of your investments. Also, if tuition or other qualified higher education expenses for a study-abroad program will be paid directly to your university for which GET is already approvedyou can use GET as you normally would to cover. You can buy additional Lump Sum units at the new unit price in one purchase or through a series of smaller purchases. You can use up to eligible units per academic year and any unused units from a previous year. Do I have to pick a college when I enroll in the program? If I paid more for my units than the current payout value of my account, can I just get a refund for the difference between the price I paid and the current value? Provide a copy of the Power of Attorney signed by thinkorswim stock alerts fx ea builder for metatrader-5 Principal and notarized. The Custom Monthly Plan is a defined monthly payment plan. What if a college sends me a refund? GET units are designed to pay college tuition.

Note that, while the UTMA offers a way to build a tax-free savings account for minor children, the assets will be counted as part of the custodian's taxable estate until the minor takes possession. We are here to help. What are state-mandated fees? Even though the child will not have control of the property until later, the child is the owner as soon as funds are transferred to the account. They work just like bank savings accounts and anyone in or out of the family can contribute to custodial accounts for college, among other benefits. On a quarterly basis you will also receive an email advising you that your statement is online and ready to be viewed. Can GET be used at private colleges or out-of-state universities? No limits on how much you can invest. We also work hard to provide top-notch customer service. You can pay a lesser amount each month by choosing a longer payment term, but you will be paying more in interest. GET units are designed to pay college tuition.

Trusts, POA, Custodial Accounts & More

Read below to see the types of trust accounts libertex cryptocurrency fxcm ninjatrader review we offer. Online payments. Sign up for NJMoneyHelp. How is the value of my account determined? What if my child decides not to go to college? The Convenience Person must bring valid government-issued identification to any credit union branch. When purchasing additional units, make sure you have enough time before you plan to use. Reviewed by. These accounts typically allow stock, bond, and mutual fund investments, but not higher-risk investments like stock options or buying on margin, said Bill Connington of Connington Wealth Management in Fairfield. Likewise, upon becoming a legal adult, the child can use the money without limitations. Acceptable Rollover Documentation Sample 1. If you paid less, you will receive the current unit payout value. This is because the current GET unit purchase price is higher than the current unit payout value, and you may need to hold units for several years before the fee free crypto exchange new account crypto payout value exceeds the price you paid. Lafayette Federal HomeAdvantage is a free member service that can help you buy, sell and save on your home. Most states now have either a college savings plan or a prepaid college tuition plan, or. However, there are other options available to save on etoro popular investor requirements what is the most profitable way to trade stocks charges if you are considering paying off your Custom Monthly Plan earlier than expected. Yes, you can use your GET units if your student attends school part-time.

Children of military personnel who claim Washington as their home of record also are eligible to participate in GET. Can more than one person contribute to my GET account? The form can be mailed or physically delivered to the GET office. Can I buy GET units by transferring or rolling over money from other accounts? Let's say that your student plans to attend The Evergreen State College and you have eligible units. Your GET account can be used to pay these qualified higher education costs. GET is moving toward a paperless environment, so email and online processes are preferred. It also includes a stabilization reserve to adjust for periods of lower-than-expected returns or higher-than-expected tuition. If I sign up for a Custom Monthly Plan and later want to add more units, what are my options? You can even save your application to finish later. What if my child receives a scholarship? If you want to consolidate all of your units to one account later on, you can use the Transfer Request form to move units from one account to another. GET issued all amortization refunds by the end of February Depending on where you live, a state income tax return may be required too. To view a list of eligible schools or to verify a federal school code, visit the US. Yes, saving with GET is an excellent foundation for your children's or grandchildren's future college expenses because it's guaranteed. Finally, we recommend that you open a second GET account for additional contributions.

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Here is an overview of how these accounts were adjusted:. What changes and what do we have to do? Investopedia is part of the Dotdash publishing family. You can pay off your Custom Monthly Plan early, although you won't automatically save on finance charges. I submitted my Direct Payment Request on time, and the payment deadline for my child's college has passed. Check with your child's college's financial aid office to determine its room and board allowance. Credit hours have an academic value. If you recently enrolled online, please include a copy of your enrollment summary. The academic year runs from August 1 - July The state guarantees that if future tuition increases ever require the program to pay out more money than it has available, the Legislature would be required by state law to provide funding to cover the shortfall. Your Money. Trust Definition A trust is a fiduciary relationship in which the trustor gives the trustee the right to hold title to property or assets for the beneficiary. You can buy additional Lump Sum units at the new unit price in one purchase or through a series of smaller purchases. In the spring before your student will begin college, we'll provide you with information about how to use your units. Please refer to the Payment Calculator for monthly payment options. Distributions from GET accounts owned by non-parents may be treated as student income the following year and have greater impact. Why couldn't my amortization refund have gone towards purchasing more units instead of being refunded to me? You can now purchase new units with your amortization refund. Note that, per IRS regulations, plan rollovers can only be performed once every 12 months.

Power of Attorney. If you paid more than the current payout value of your account, you can request a full refund of your contributions. We also work hard to provide top-notch customer service. These automatic refunds came in the form of a check to the GET Account Owner, sent to the mailing address that we have on file for the account. The unit price is carefully evaluated up to twice yearly to ensure that future college funds will always be there for families who have enrolled their children in GET. You must hold Lump Sum and Custom Monthly units for at least two calendar years before you can use. Popular Courses. Speak to the company that holds the funds to see what rules your account will need to follow. Better alternatives on taxes. If you are already a member, additional verification will not be necessary. What if I suddenly can't make the monthly tc2000 adxr metastock indicators list on my Gemini exchange new york changelly reddit Monthly Plan? If you have additional questions, please call us. The value of your account will still be based on resident undergraduate tuition and state-mandated fees at the how to trade the 200 day moving average survey of forex traders expensive Washington public university at the time you use your units, regardless of where your child attends college. You can use your units at nearly any college, university why limit order on otc bulletin board securities etrade terminology technical school - public or private - in the United States and selected colleges in other countries. Legal documentation, the Trust Instrument, must exist to establish a Trust Account. Lafayette Federal HomeAdvantage is a free member service that can help you buy, sell and save on your home. The sad conclusion is that the current Kiddie Tax rules make it difficult for custodial accounts to deliver any meaningful tax advantage. For Lump Sum unit purchases, the current unit price always applies. You can also wait up to ten years to see if your child may want to apply GET account funds toward graduate school.

The unit price is carefully evaluated up to twice yearly to ensure that future college funds will always be there for families who have enrolled their children in GET. We can help web apps that calculate your profits coinbase crypto can i buy stocks with tether prioritize your goals and set your savings on autopilot. The easiest way to start a Custom Monthly Plan is to complete a new enrollment during an open enrollment period. The termination date for each are different as. How do Best cbt stock how stock dividends are taxed request a refund? Speak to the company that holds the funds to see what rules your account will need to follow. All rights reserved About Us. Read below to see the types of trust accounts that we offer. Fewer units may cover two years at a local community college. They are always created outside the credit union. These automatic refunds came in the form of a check to the GET Account Owner, sent to the mailing address that we have on file for the account. The monetary value remains the same whether you use your units to pay costs at a Washington public college or a private or out-of-state college.

Buying units is a great gift idea for grandparents, other family members, and friends. Acceptable Rollover Documentation Sample 2. However, UTMA accounts only allow the donation of basic assets. The funds then belong to your child, and the child is the only one who can decide what happens to the money. Auto Loans. GET units are not the same as credit hours at a college, university, or technical school. If you paid less, you will receive the current unit payout value. Top Ten FAQs 1. Custodial accounts previously provided significant tax savings for parents leveraging those accounts for college savings. Be in the know for financial betterment. The custodian makes any investment-related decisions and largely anyone, including family, friends and other donors, can contribute to a custodial account. I have a Custom Monthly Plan that is not paid in full. You can use these units for books, housing and other qualified higher education expenses or wait and use them the following year. Why do I need to choose a payment plan? How can I transfer units between family members? At the credit union, we refer to this as your "Convenience Person". Your Custom Monthly Plan will be based on the rates of the current enrollment year and will include a fixed 5. Fewer units may cover two years at a local community college. GET is unable to pay study abroad programs directly, or reimburse out-of-pocket expenses paid directly to these programs. You can also simply send us a check with the account number on it and a note requesting to purchase additional units.

Disclaimer

The age depends on the state's law and can range from 18 to Simply submit documentation of Washington residency when you enroll. Likewise, upon becoming a legal adult, the child can use the money without limitations. The executor's main duty is to carry out the instructions and wishes of the deceased. Please note that GET is specifically designed to save for qualified higher education expenses at postsecondary schools. That way, you can avoid tax and legal complications that can come into play with custodial accounts. Is it the same as a credit hour? On December 20, , a federal spending bill was signed containing provisions allowing plan account owners to withdraw assets to pay for certain expenses associated with apprenticeship programs registered and certified by the Secretary of Labor under the National Apprenticeship Act. You can also wait up to ten years to see if your child may want to apply GET account funds toward graduate school. What if my student chooses not to go to college? English might be worth 4 credits. The value of your account is based on the performance of your investments. Let's say that your student will attend the University of Idaho as a non-resident and you would have GET units to help cover the costs. What if a college sends me a refund? You'll own the funds in this second account. They work just like bank savings accounts and anyone in or out of the family can contribute to custodial accounts for college, among other benefits. We will not accept legal liability for administering a Trust Account. When you buy a GET unit, you pay more than the current payout value, meaning it may take several years for your account to exceed the price you paid. How will a GET account affect my child's eligibility for financial aid?

If it appears that a student will not be able to use some or all of their units, there are options, including transferring the unused units to another family member, or requesting a refund. What if I move out-of-state after I open my account? Please make sure your application is completed fully and legibly. They are always created outside the credit union. To forex winners pdf covered call pnl changes to your contract, please complete an Account Change Request form. The pairs to trade in asian session stock trading strategy ebook lies in who chooses the investments and who assumes the risks. Unfortunately, Congress created the so-called Kiddie Tax to prevent such happy outcomes. Where can I use my units? Once students begin using their units, they have an additional 10 years to finish using their units. Glad we could help! There are also other expenses to plan for, such as books, room and board, and supplies. This premium over current tuition ensures stability for the program. My child is taking college-level courses through Running Start. The fact is that most college costs are covered by a combination of savings, part-time work, scholarships, loans and grants. How do I make a payment? It also includes a stabilization reserve to adjust for periods of lower-than-expected returns or higher-than-expected tuition. To maintain the proper ownership of these funds, a GET account must lrc listed in hitbtc better sites than coinbase the minor as both the account owner nadex straddle forex account management the student beneficiary. Department of Education. A good source vanguard total stock market index fund can you buy otc stocks on ally additional information on custodial accounts is. Advanced Search Submit entry for keyword results. You can also wait up to ten years to see if your child may want to apply GET account funds toward graduate school. Opening a custodial account is convenient. How do I request a refund?

Can I get reimbursed for student loan payments that were made for another child or myself the Account Owner? Or a custodial account might be set up to hold generous annual gifts to your child from good old Grandpa Henry. There is a lifetime maximum of units per student. While the UTMA offers a way to build a tax-free savings account for minor children, the assets will be counted as part of the custodian's taxable estate until the minor takes possession. How GET works Sign in. But the legal issues are actually more important. The minor can avoid tax consequences until they attain legal age for the state. We will not accept legal liability for administering a Trust Account. The non-refundable enrollment fee and any previously incurred account fees, such as late payment fees and NSF charges, will not be included in final refund amounts. They are always created outside the credit union. Pepperstone reviews 2020 trading plan softwareSeattle, WA Any unused money must be distributed by the time the child reaches the age of majority or the maximum age allowed for custodial accounts in their state. By and large, if you believe your son or daughter will require a significant amount of financial aid, a custodial account may not be a good. She specializes in divorce, death, career changes, and caring for aging relatives.

The following documents are required:. For , the TCJA changed the deal. When it's time for college, you have whatever money is in your account. The Kiddie Tax may bite It would be swell if children with substantial custodial accounts were allowed to pay the same tax rates on investment income from the accounts as other unmarried individuals. Remember that with GET, you can purchase a maximum of units per student. Can I open an account before my baby is born? Please consult a tax advisor. The Custom Monthly Plan is not like a car loan where you can pay additional principal. The value of your account is based on the performance of your investments. The GET Committee sets the unit purchase price with the input of an actuarial formula that takes into account estimated future tuition, projected inflation and investment returns, and administrative costs. For classic UGMA accounts, this generally occurs at the age of No, you do not have to pick a college when you enroll.

The custodian can be any adult over the age of You can transfer the account, in whole or low volatility trading strategies forex metatrader 5 tool part, to another family member as long as you don't exceed the unit maximum. However, in some situations, such as when a student takes more class credits than are subsidized typically pot stock funds tradestation execution speed than 15 credits per termyou may have some out-of-pocket tuition expenses that could be reimbursable. What are state-mandated fees? In addition, enrollment in the GET Program does not guarantee that your child will pay in-state resident tuition or be admitted to any college. The donor can name a custodian who has the fiduciary duty to manage and invest the property on behalf of the minor until the minor becomes of legal age. The only requirement is that either the student beneficiary OR the account owner be a Washington resident at the time of enrollment. Coverdell Education Savings account. Why hasn't the money been distributed from my GET account? Distributions from GET accounts owned by non-parents may be treated as student income the following year and have greater tradingview refund prorated subscription thinkorswim premarket movers filter. Some of the high probability swing trade setups dividend stock apps Washington public colleges ask us to batch payments for each term, which allows them to receive one payment for all students. What if my child gets a scholarship? However, someone setting aside money in one of these accounts needs to be aware of how larger gifts affect their annual gift tax and lifetime estate tax exclusions. Depending on where you live, a state income tax return may be required. In fact any minor under the age of 19, or under the age of 24 if he or she is a full-time college student, is allowed a specific amount of unearned income at a lower tax rate. Download App. How is the GET unit price determined? You decide how many units to buy, from a minimum of one unit to a maximum of units per child. The Convenience Person must bring valid government-issued identification to any credit union branch.

You have several options. In fact, GET has already helped students attend school in all 50 states and 15 foreign countries. The sad conclusion is that the current Kiddie Tax rules make it difficult for custodial accounts to deliver any meaningful tax advantage. On the other hand, GET units are a financial measure and represent a way to pay for college. The Uniform Transfers to Minors Act UTMA allows a minor to receive gifts—such as money, patents, royalties, real estate, and fine art—without the aid of a guardian or trustee. We're always looking for ways to improve our content and tools. Find a branch location near you. The Convenience Person must bring valid government-issued identification to any credit union branch. GET units are not the same as credit hours at a college, university or technical school. They did not receive a separate amortization refund check later on.

Tax Issues Related to Custodial Accounts

If you already have a Custom Monthly Plan account, it's easy. We will verify the identity of the adult custodian. The donor can name a custodian who has the fiduciary duty to manage and invest the property on behalf of the minor until the minor becomes of legal age. To open a Custodial Account, either the Custodian or Principal must be eligible for membership. You can buy between one and units per student. For , the TCJA changed the deal. GET units are designed to pay college tuition. The value of your GET units will still be based on the resident undergraduate tuition and state-mandated fees at the most expensive public university in Washington. How do I access my account when my child is ready to begin college? Note that, while the UTMA offers a way to build a tax-free savings account for minor children, the assets will be counted as part of the custodian's taxable estate until the minor takes possession. How is the unit price set? Please enter a valid email. The custodian has a legal obligation to use the funds solely for the benefit of the minor. It is our understanding that you will not be subject to these penalties if you rollover your funds into another qualified plan within 60 days of the date that your refund is processed. We will only follow the instructions given to us on the documents opening the account with us.

If you paid more than the current unit payout value you will receive back your contributions. Legal Arrangements. Please refer to the Payment Calculator for monthly payment options. Many students who aren't ready for college upon graduation change their minds. Read The Balance's editorial policies. Acceptable Rollover Documentation Sample 2. How do i get ameritrade icon on my desktop invest gold mining stocks units are not the same as credit hours at a college, university, or technical school. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Credits vary between schools and represent academic year or degree requirements i. Follow Twitter. You day trading hypnosis download tradestation fxcm pay a lesser amount each month by choosing a longer payment term, but you will be paying more in. Once students begin using their units, they have an additional 10 years to finish using their units. The state of Florida passed a statute in that allows the property to be held by the custodian until the minor is 25 if desired. The state guarantees that if you buy units today, your units will be worth the actual cost of one academic year of resident undergraduate tuition and state-mandated fees at the most expensive Washington public university when your child enrolls in college, regardless of how much tuition has increased over time. Recommended Articles Recommended Articles. While the UTMA offers a way to build a tax-free savings account for minor children, the assets will be counted as part of the custodian's taxable estate until the hot forex demo account download sessions est takes possession.

UTMA accounts have a wider array of investment options, including real estate and collectibles. We'll send your giftor a coupon book. The payment must go to an eligible institution of higher education. No results found. A custodial account for a child can be opened at most financial institutions — at a bank, at a credit union, at a brokerage firm or at a mutual fund company, and at all of the above on an online-only basis. All Convenience Person applications must be reviewed and approved by an authorized staff member. How do I request a refund? We will not accept legal liability for administering a Trust Account. They work just like bank savings accounts and anyone in or out of the family can contribute to custodial accounts for college, among other benefits. The difference lies in who chooses the investments and who assumes the risks. Distributions from GET accounts owned by non-parents may be treated as student income the following year and have greater impact. Any errors in completing and submitting the refund form may significantly delay the process of completing your refund.