UGMA!

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?

You have correctly eluded to the dangers of gifting through UGMA accounts. Once the gift is made then it cannot be changed. This allows your children to get their hands on the money at a young age and the money will not necessarilly be used as intended by the gift giver(s).

In my opinion, gift giving trusts should be set up which allows money to be used for health costs, education expenses and necessities at any age, but the rest of the money will not be released until the children reach the age of maturity (whatever age that is!! depending on the views of the gift givers)

UGMA accounts are good for small sums of money, but that is about it.