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Help answer this question below.
What is UGMA?
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.
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!
UGMA is an acronym for the Uniform Gift to Minors Act.
http://www.fairmark.com/custacct/
Not sure likely not you are custodian not owner.
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You're reading Is it legal to close out my children's UGMA accounts and use the money to pay bills because we have hit very hard financial times?
Comments
http://www.fairmark.com/custacct/
Looks like trust funds and the like.
by The Wraith of God is Coming on August 10th, 2009