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Category:
Important Life Events & Decisions

Common Savings Accounts For Children

Updated 03/16/2026

Parents think about their children constantly, and those goals often play a central role in the financial plan. Many parents want to begin setting aside money for their children but aren’t always sure where the money should go or which accounts make the most sense.

Advisors can use this guide to help clients:

  • Understand different ways to save for children using accounts such as: UTMA/UGMA, 529 Plan, TRUMP Account, and others.
  • Compare flexibility vs. tax benefits
  • Recognize when an option involves irrevocable gifting
  • Start more productive conversations around family planning goals

Click here for a client-facing email starter.

Related Guides
Having (Or Adopting) A Child
Category: Important Life Events & Decisions
Starting Out Financially
Category: Important Life Events & Decisions
Children With Special Needs Issues
Category: Important Life Events & Decisions
Children & Financial Independence Issues
Category: Important Life Events & Decisions

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