Bel Air, MD (PRWEB) March 06, 2013
Uniform Gift to Minors Accounts (UGMA) and Uniform Transfer to Minors Accounts (UTMA) have many shortcomings.Kiss Trust, a division of Eastern Point Trust Company, announces an innovative alternative children’s savings plan solution that eliminates the shortcomings of UGMA and UTMA accounts.
When setting up an UGMA or UTMA account, many families are not told that the child or grandchild will be the owner of the account. Due to this, the child or grandchild has the ability to use the money when or how they want, once they are of age. Kiss Trust recently introduced a solution that alleviates this concern.
“It is always a surprise when parents find money they have saved has been misspent,” said Kiss Trust Present, Ned Armand. “The good news is that an irrevocable trust like a Kiss Trust gives parents and grandparents an affordable, alternative savings option that they can use to convert and protect their existing UGMA and UTMA account assets. Through a Kiss Trust you can convert without incurring any penalty.”
“Once the UGMA or UTMA is converted into a Kiss Trust, the parents can set rules about how and when the money may be used. This prevents any misuse of the money caused by youthful impulses,” said Armand.
A Kiss Trust can be created for as little as a $199 one time setup fee and there is no minimum initial gift amount. Users also have access to over 5,000 name brand mutual funds - including load-waived funds, no-load funds, and tax-free funds. For more information on the available Kiss Trust funds visit Kiss Trust funds.
For more information on using a Kiss Trust as an alternative to an UTMA or UGMA account or converting an existing account visit http://www.kisstrust.com.
About Kiss Trust
Kiss Trust is a division of Eastern Point Trust Company. Kiss Trust is the nation’s exclusive provider of online savings trust document services and trust administration services. The company was founded and staffed by top talents in law, trusts and technology to make the benefits and protections of trusts accessible and affordable to everyone. Eastern Point Trust Company is not a law firm. Eastern Point Trust Company is a non-depository trust company with multiple regional offices. Eastern Point Trust Company provides fiduciary and trust administration services to clients in all 50 U.S. states and territories, across North America, the Caribbean, Asia and Europe.