Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next
Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 8174  
Subject: Re: UTMA "Roll Over"? Date: 4/16/2009 11:52 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
My question is, if I start her out in something simple like the Vanguard STAR fund, can I "roll over" the money (like I can do for an IRA) into other funds (or even move part or all of it to a different mutual fund company or brokerage) later when she has more money to manage? It's not clear how you do that from all the information I've read about UTMA/UGMA accounts.


The UTMA is just the way the account is titled. There are no restrictions on what you can do with the money, so you can move it between stocks, mutual funds, CD's, etc. You can switch brokers or banks. It is all up to you.

For instance, if you want to start her in a bank account, you can do that as the UTMA, but when there's enough that you want a brokerage account, you can move the money to the broker. You could start with an account at Fidelity, for instance, and then move it later to Vanguard if you like their products better.

You can do anything with a UTMA that you can do with your own accounts. The only restriction is that the account belongs to your daughter, so it has to stay a UTMA. You cannot, for instance, move her money out of a UTMA into your own account, even if you were just doing that until you could move it to another account. It would have to go to another UTMA account for her.

I've moved my kids between banks and between brokerages. It's the same as moving your own account.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next

Announcements

Paying For School Guide
Trying to Tackle Tuition? The Motley Fool's Guide to Paying for School will help you fight those rising education costs.
Post of the Day:
Value Hounds

Kate Spade's Wild Ride
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement