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?
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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 6 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.
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