There are a fair number of messages discussing this early in the Family Fool and some in Paying For College. 2gifts has it all correct. You can use it for private school, music lessons, camp - anything that benefits the child that a parent is not obligated to provide. There are 2 reasons people give for not wanting the money in UTMA - thinking it will harm the possibility of financial aid and not trusting their child's judgement. (All the pros and cons seemed to have been beaten to death on the previously mentioned boards.) I agree with TMF Taxes and 2gifts - don't contribute anymore but I wouldn't endeavor to move what's already there. Changing your mind isn't a good enough reason.RF...3 kids & UGMA accounts all over the place
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