Can You Take Back Money You Deposit Into a Child's UTMA Account
If you deposit cash into your child's UTMA account after she turns twenty-one, given that the child is already above the age of twenty-one, is that deposit considered to be part of the child's UTMA account? Or because of the child's age, can the parent take back the money? Can the parent close the UTMA account, take back the money deposited after the minor reached the age of twenty-one, then give the child the balance?
Re: Can You Take Back Money You Deposit Into a Child's UTMA Account
As a general rule, once you make a deposit into your child's UTMA account the money belongs to the child -- and that's true without regard to age. If you are intent on recovering the money, you can see if your child will voluntarily return it.