QUESTION
my son has a utma account i am the custodian for that account. he turns 18 in april, i have liquidated that do i have to show on the financial aid
Asked on Feb 11th, 2012 on Trusts and Estates - Georgia
More details to this question:
papers what did i do with that money this year or when he files taxes next year.
1 ANSWER
Mediation (Family, Estate, Elder/Adult Care, Divorce) Attorney serving Tulsa, OK
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Gale Allison, PLLC
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The money in the UTMA belonged to your child. Legally, you should have either given the money to him, or spent it on him. Taking the money out of the account for other purposes is stealing. If the money is still in existence, it must be shown on financial aid application documents.
To your success,Gale Allison, Principal AttorneyAllison Firm, PLLCwww.theallisonfirm.comwww.linkedin.com/in/galeallison.com
Answered on Apr 09th, 2012 at 1:50 PM