R
rmmantel
Guest
I have two accounts for my kids set up under New York State gift to minors act. The purpose of the accounts was for college funding. If the children do not go on to school they are allowed access to the account at age 21. Since there is a substantial amount in each and since they are still under the age of 21 I wish to change the accounts to a revocable trust whereby I can delay access to the money until a later time, say in their thirties. I have been informed by the brokerage company that I would not be allowed to do this once an account of this nature has been set up, further more if a revocable trust was allowed since the age of the UGMA is 21 yrs. the new trust would have to follow suit, namely stating it would allow
them to have access to the account. Is this true to fact or can I change them over to a revocable trust?
them to have access to the account. Is this true to fact or can I change them over to a revocable trust?