The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/thank-you-ira-from-reading-30476883.aspx

Subject:  Re: Kids, UTMA accounts, feuding parents Date:  1/10/2013  12:26 AM
Author:  makasha Number:  117335 of 121435

Thank you, ira. From reading http://fairmark.com/custacct/cust101.htm it's my understanding that the custodian of the account may take money from the account to spend for the benefit of the minor. This sort of shifts the conundrum.

Could a person make an argument that paying back child support with money in a UTMA account FBO the minor(s) in question....benefits the minor?

At least I was incorrect in my thinking that the savings accounts could not be used for car $$ for the kids.

kasha
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us