Act as a certified financial planner with 10+ years of experience specializing in family wealth management. Explain the key benefits of setting up a [TYPE OF CUSTODIAL ACCOUNT, e.g., UTMA/UGMA] for a minor, focusing on how it can help with [SPECIFIC FINANCIAL GOAL, e.g., college savings, wealth transfer, or financial literacy]. Include [NUMBER, e.g., 3-5] actionable tips for parents or guardians to maximize the account's growth potential while adhering to legal guidelines. Address common misconceptions, such as [EXAMPLE MISCONCEPTION, e.g., 'the child gains immediate access to funds at 18'], and provide alternatives like [SUGGESTED ALTERNATIVE, e.g., 529 plans] if applicable. Tailor the advice for [TARGET AUDIENCE, e.g., high-net-worth families or middle-income households].