Custodial Accounts

These threads have been super helpful in answering my questions in the past
so I figure I would throw a new one out there.

I am managing a custodial account for my niece but I dont want the account
to be included in any budgets or reports for me. I dont want to have to
maintain a seperate Money file for this either. I just want to view the
account. For now, I have listed the account as a "watch" account but I am
curious if anyone has dealt with this situation in the past and has a better
solution. I am running Money 2006 and the account is with Sharebuilder.
Thanks in advance for your response.

Dick
Tue Jul 15 08:31:36 CDT 2008

I'm doing separate files for my granddaughters. Seems the best solution
overall. I'm not sure I see much of a disadvantage to the separate file
approach. I open them on the order of once every six months or so. What is
your concern with the separate file approach?

"Brian" <Brian@discussions.microsoft.com> wrote in message
news:C8EB1C11-2540-409C-BB39-AA388374F2F2@microsoft.com...
> I dont want to have to
> maintain a seperate Money file for this either.

Brian
Tue Jul 15 09:01:02 CDT 2008

Thanks for the reply. I just like being able to see the whole picture in one
file however I am starting to see the disadvantages. The more I think about
it, it would be better to manage her money seperately because that money will
be taxed at her rate for probably the next 5 years and only once it has
accumulated a fair amount will it become part of my tax situation. I may opt
for the distinct files.

"Dick Watson" wrote:

> I'm doing separate files for my granddaughters. Seems the best solution
> overall. I'm not sure I see much of a disadvantage to the separate file
> approach. I open them on the order of once every six months or so. What is
> your concern with the separate file approach?
>
> "Brian" <Brian@discussions.microsoft.com> wrote in message
> news:C8EB1C11-2540-409C-BB39-AA388374F2F2@microsoft.com...
> > I dont want to have to
> > maintain a seperate Money file for this either.
>
>

bw
Wed Jul 16 15:28:48 CDT 2008


"Brian" <Brian@discussions.microsoft.com> wrote in message
news:C8EB1C11-2540-409C-BB39-AA388374F2F2@microsoft.com...
> I am managing a custodial account for my niece but I dont want the account
> to be included in any budgets or reports for me. I dont want to have to
> maintain a seperate Money file for this either.

I use M02 and I have the same trouble on income reports. I have two joint
or custodial accts, and need to transfer money in from my accounts and track
frequent deposits so separate files is really impractical. What I did is
set up the joint accounts as asset accounts, and use a liability account to
offset the total so it comes up a wash. It still sucks that increases in
asset accounts always show up as income, there are checkboxes on account
details to exclude the accounts from budget but it sure doesn't see to work
the way I'd
like.

Dick
Wed Jul 16 17:24:14 CDT 2008

There is a trade here between what is practical for data maintenance and
what is practical for tax reporting and so on. If the transfers of money to
the custodial accounts and the deposits are sufficiently regular that they
can be scheduled (twice, presumably, since you can't do a true "Transfer"
across files) the separate files with scheduled transactions may still be a
better solution in the long haul than keeping the custodial accounts in your
regular Money file.

Bear in mind that the beneficiary may well need all of that data someday for
tax purposes. That's one of the reasons I setup separate files--so that the
eventual separation of that data from our other data doesn't have to occur
eventually.

"bw" <bw@dodgit.com> wrote in message
news:uRncyo35IHA.3784@TK2MSFTNGP06.phx.gbl...
> I have two joint
> or custodial accts, and need to transfer money in from my accounts and
> track
> frequent deposits so separate files is really impractical.

bw
Thu Jul 17 10:39:42 CDT 2008

Those are good points, and actually I'd like to get my nephews to both start
using Money to manage their own accounts, and at 18 I'm probably going to
cut them loose. Separating them into separate accounts now would make that
easier and give them some historical data.

IF there was an easy way to get M02 data into whatever current version they
will be using...

"Dick Watson" <littlegreengecko@mind-enufalready-spring.com> wrote in
message news:OZuzxK55IHA.5052@TK2MSFTNGP03.phx.gbl...
> There is a trade here between what is practical for data maintenance and
> what is practical for tax reporting and so on. If the transfers of money
> to the custodial accounts and the deposits are sufficiently regular that
> they can be scheduled (twice, presumably, since you can't do a true
> "Transfer" across files) the separate files with scheduled transactions
> may still be a better solution in the long haul than keeping the custodial
> accounts in your regular Money file.
>
> Bear in mind that the beneficiary may well need all of that data someday
> for tax purposes. That's one of the reasons I setup separate files--so
> that the eventual separation of that data from our other data doesn't have
> to occur eventually.
>
> "bw" <bw@dodgit.com> wrote in message
> news:uRncyo35IHA.3784@TK2MSFTNGP06.phx.gbl...
>> I have two joint
>> or custodial accts, and need to transfer money in from my accounts and
>> track
>> frequent deposits so separate files is really impractical.
>