Ugma transfers to trust accts

[powderkeg02]

What is the name of your state? Maryland

If a custodian of a ugma acct is looking to transfer the asstes to a trust acct that he set up for that same minor is that allowed? And if not why? He was told by his financial insituition that he was not allowed and that he had to make the redemption then cash it and send in a check. He states that he is not willing to do this because this will count toward the contribution that he can make into this trust acct. What are the reasons he cannot do this? anyhelp would be great. thanksWhat is the name of your state?

 

[HomeGuru]

What is the name of your state? Maryland

If a custodian of a ugma acct is looking to transfer the asstes to a trust acct that he set up for that same minor is that allowed? And if not why? He was told by his financial insituition that he was not allowed and that he had to make the redemption then cash it and send in a check. He states that he is not willing to do this because this will count toward the contribution that he can make into this trust acct. What are the reasons he cannot do this? anyhelp would be great. thanksWhat is the name of your state?

**A: t hat's ugly. By the way, what is asstes? Is that a Mexican dish?

 

[powderkeg02]

sorry, meant assets