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2 Answers

My childs utma account?

Asked by: sventre 1265 views YA Discussion

My daughters father past away and his family set up a utma account with a benefit that they had for her. They did the benefit saying that the money would go to help rais my daughter. They put everything in there name and my daughter. When I ask them about some of it for medical bills that she has they will not give me any information on it . but I think that they are useing some of that money that is hers is there anything I can do about this.

2 Answers

  1. Go with the flow on Mar 20, 2012 Reply

    The money is not hers in most states until she is 21.
    In some states it is 25.
    Until that time, neither you or she can touch it for anything.

    Not sure why they stated this is to raise your daughter.
    If so, they would be giving you a small amount each year.
    Maybe they meant to pay for college.

    Note that many parents hide money in UTMA accounts to avoid taxes.
    They can legally take it all out the day before she turns 21 and use it for themselves.
    All legal. Many parents do this to pay less taxes.

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  2. tro on Mar 21, 2012 Reply

    if the family set up this fund for your daughter with their money there is not much you can do about it, it is not yours and you have no control over it, the family does

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