Knowledge base | sparkgifthelp

Why does it matter to know if the recipient is under 18 or not?

When a gift is for a minor, the gift will be emailed to the minor’s custodian (usually a parent).  When the parent receives the gift email, they will be instructed to open a custodial account and invest on behalf of their child.  This way, the investment is held in a custodial account in the child’s name.  Custodial accounts are also known as Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) accounts.