This Week's Topic: UGMA & UTMA Custodial Accounts

Periodically I am asked about a large Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act account for a child that has grown to a considerable value and the client/parent does not want to turn over the account to the child at 18 or 21, or the child knows about the account and is demanding it all, or at least a substantial portion of it. What options exist?

It is clear that the property belongs to the chid and the donors to the account cannot get any part of it back. In fact, a minor who is fourteen or older has a right to request a Court order distribution from the UGMA account for an