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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?

By Anonymous Asked Aug 10 2009 9:21AM
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by john pennington on Aug 10, 2009 at 9:22 am Permalink

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What is UGMA?
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Avatar The Wraith of God is Coming Aug, 10 2009 at 09:24 AM
http://www.fairmark.com/custacct/
Looks like trust funds and the like.

Answer 2 out of 5

by john pennington on Aug 10, 2009 at 10:21 am Permalink

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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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Answer 3 out of 5

by RysMom on Aug 10, 2009 at 9:48 am Permalink

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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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Answer 4 out of 5

by Anonymous on Aug 10, 2009 at 9:46 am Permalink

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UGMA is an acronym for the Uniform Gift to Minors Act.
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Answer 5 out of 5

by The Wraith of God is Coming on Aug 10, 2009 at 9:23 am Permalink

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http://www.fairmark.com/custacct/

Not sure likely not you are custodian not owner.
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