ANSWERS: 5
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What is UGMA?
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http://www.fairmark.com/custacct/ Not sure likely not you are custodian not owner.
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UGMA is an acronym for the Uniform Gift to Minors Act.
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I don't know if it's legal but it is advisable. I heard a financial advisor say that you should worry about keeping your family alive TODAY when you're in the middle of a financial pinch. Let the kids worry about savings/college when they get there. If you starve them today, there won't be a future!
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It depends on the conditions of the account. You may need an attorney to help you make a decision and if your qualify for cashing in the account.
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