Results 1 to 2 of 2

Hybrid View

  1. #1
    Join Date
    Sep 2016
    Posts
    13,916

    Default 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?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default 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.

    1. Sponsored Links
       

Similar Threads

  1. Bankruptcy Issues: Fradulent Treatment of a UTMA Account in Bankruptcy
    By drainpan in forum Bankruptcy Law
    Replies: 11
    Last Post: 01-05-2015, 04:05 PM
  2. Moving In: Unable to Move in Even Though Deposit Was Made. Can I Get My Deposit Money Back
    By Gemma Huynh in forum Landlord-Tenant Law
    Replies: 1
    Last Post: 12-06-2012, 11:28 AM
  3. Federal Taxes: UTMA Account Transfer Back to Custodian
    By oriolesno9 in forum Personal Finance And Investment Law
    Replies: 3
    Last Post: 04-13-2011, 05:58 AM
  4. Banking: UTMA Account
    By blueplaidhat in forum Personal Finance And Investment Law
    Replies: 1
    Last Post: 05-19-2010, 02:50 PM
  5. Agents and Fiduciaries: Money Taken from UTMA Accounts
    By zorobyte in forum Personal Finance And Investment Law
    Replies: 6
    Last Post: 07-19-2009, 01:22 PM
 
 
Sponsored Links

Legal Help, Information and Resources