Anyone using custodial IRA for their kids?

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My advisor recommended that you keep it all under your name. Legally at 18 it becomes theirs; they might not be ready to hold the keys on that until they are 25 (or older) - never know how our kids turn out.

You lose the IRA benefits yes, but you also retain control to give it to your kids when they are ready.

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I used ESAs until this year when I crossed the income threshold. Looked into Custodial and UGMA when I was setting it up initially, but did not select for the same reason - want to control under my name with them as beneficiaries. ESAs and 529s were the only options left for me then.

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