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

FORBES: Hoist By Your Own Petard

Some parents with UTMA regret simply take the cash and hope Junior never finds out.

FORBES: Hoist By Your Own Petard

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

FORBES: Money & Investing

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

FORBES: Investment Guide

If the main goal is college savings, consider using one of the new tax-favored state college savings accounts ( FORBES, Feb. 22 ) instead of an UTMA account.

FORBES: Hoist By Your Own Petard