Affluent parents have long used UTMA and UGMA accounts to shift assets and income to children.

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Custodial accounts (often called UGMA or UTMA accounts) are another, more traditional form of college savings.

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These are also known as UTMA or UGMA accounts, for the state laws allowing them.

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However, some resources, like Uniform Gifts to Minors Act (UGMA) are considered off-limits as a matter of public policy.

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The advantage of a UGMA account is that the earnings are taxed at the child's tax rate up to a certain amount.

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Setting up the Bicycle Trust was a lot harder than opening an UGMA account, but I think it was well worth the effort.

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