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No. of Recommendations: 4
What you are describing is sometimes called UGMA regret. Googling that term will give you some info. Fairmark.com has a set of articles that discuss several options:

- Just take it
- Transfer to trust
- Return gift
- Illiquid investments
- Substituted spending
- Lay down the law

Substitue spending is the most straightforward, use the UGMA funds to pay for things you would have paid for otherwise.

http://fairmark.com/custacct/regret1.htm
http://fairmark.com/custacct/regret2.htm
http://fairmark.com/custacct/regret3.htm
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