My child with an UGMA is having behavior issues. Do i have an option to roll it to a 529 or some other type of account?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
My child with an UGMA is having behavior issues. Do i have an option to roll it to a 529 or some other type of account?
My son is having some behavior issues so I would like to be sure he does not ‘blow’ the money intended for college use / buy first home or use it to hurt himself. What are my options?
Asked on September 11, 2017 under Estate Planning, Washington
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
So really what you are doing here is a little Estate Planning and you will need to go and see someone in person to do that and best determine your course of action. First, a 529 is for education so he would not be able to use it for a first house. Say, though, that he does not want to go to college and instead wants to enter a trade such as becoming a plumber or electrician? Some states and cities have apprentice programs so no college or schooling is needed. Then the 529 is for nought. I would then speka to the planner about a Trust and name some one other than yourselves as alternate Trustee in case something happens to you. The Trust terms can lay out exactly what you want the funds used for and also leave the Trustee some discretion. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.