Yes. However, there are tax and legal consequences that you should consider. The sale of assets in the UGMA/UTMA may be considered a taxable event. You should consult your tax/legal advisor concerning any consequences of withdrawing the funds from their existing investment. In addition, the beneficiary of the UGMA/UTMA must be the beneficiary of the 529 account and cannot be changed. The account will continue to be governed by UGMA/UTMA laws.

If you have established a custodial account for a child under the Uniform Gift/Transfer to Minors Act (UGMA/UTMA), you may be eligible to liquidate those assets and deposit the proceeds into a NextGen Account. Certain restrictions may apply. See the Program Description in the Enrollment Kit for more complete information. You may be able to roll over assets from another qualified tuition program or an Education IRA to a NextGen Account. See similar questions...

Yes. An UGMA/UTMA account can be liquidated, which would be a taxable event, and the money placed into a 529 account. The custodian on an UGMA/UTMA account has the obligation to use the assets for the benefit of the child. The custodian responsibilities for those assets would still apply. See similar questions...

You can redeem assets from an UGMA/UTMA (Uniform Gift to Minors Act/Uniform Transfers to Minors Act) account, but you may be liable for income taxes on any gains upon redemption. Once the UGMA/UTMA proceeds are used to contribute to a 529 plan, the minor of the UGMA/UTMA must be named both the Account Holder and the Beneficiary of the 529 Account and cannot be changed. For more information, please consult your financial consultant. See similar questions...

The minor on whose behalf the account has been established is the owner of the account. However, until the minor reaches the age of account termination under applicable state laws and in accordance with the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA), there must be a custodian listed on the account. If the minor dies prior to reaching the age of account termination, the account is included in the minor's estate. See similar questions...

Funds invested in an UGMA or UTMA account (Uniform Gift to Minors Act/Uniform Transfer to Minors Act) belong to the minor. The custodian has a legal obligation to use the funds solely for the benefit of the minor. To maintain the proper ownership of these funds, a GET account must name the minor as both the account owner and the student beneficiary. You also will need to name a custodian or trustee to manage the account on the minor's behalf. See similar questions...

Yes. Rollover balances from another state's program are accepted. The account owner must complete a new account application along with a Rollover Request form. One rollover per account is allowed without a change in beneficiary per 12-month period. However, there are no restrictions on the number of rollovers allowed when changing beneficiaries at the same time. Yes. See similar questions...

All types of assets can be transferred to a trust portfolio, though the most commonly transferred are stocks, cash and real estate. See similar questions...

Act promptly. This may include changing bank mandates, computer passwords, corporate credit cards. A slow response is likely to increase the damage caused. Seek advice of specialists as to the Orders that are available in your country to find where the assets are and freeze them. PCB Litigation can provide that advice on an international basis. back to top See similar questions...

A UGMA account, or in some states, a Uniform Transfer to Minors Act (UTMA) account, is a custodial account which allows parents to irrevocably give assets to a child for tax benefits and still maintain control of the assets while the child is young. The child does get full control when he or she reaches the age of majority (ages 18-21 depending on the state). It is an inexpensive and simple alternative to a trust. See similar questions...

Many (but not all) 529 plans accept funds coming from an existing UTMA or UGMA. However, because these funds belong to the minor under a custodial arrangement, any withdrawals from the UTMA/529 account must be for the benefit of that minor only. Program rules and state laws will generally prevent you from making any beneficiary changes to the UTMA/529 account, and the minor will assume direct ownership of the account when the custodianship terminates at the age of majority. See similar questions...

Enter the acquisition value of the assets as a negative number in the appropriate month under Fixed Assets: Investments & Sales in the Capital Investments worksheet. Enter the difference between the book value of the asset (its remaining un-depreciated residual value) and its sales value under Unadjusted Income or Expenses in the Other Operating Items worksheet. See similar questions...

Generally, money is transferred from your bank account to Remit2India.com on the 2nd or 3rd working day from the date of making the money transfer request. You have to also ensure that your account has sufficient funds for the transfer to take place. All holidays - weekends, public holidays in India and the US have to be excluded while calculating working days. See similar questions...

Yes, they can. To do that, you need to have the e-mail for the account, to which you wish to transfer the views. A small processing charge is withheld at each transaction. See similar questions...

If you registered a domain name from any ICANN approved registrar yourself and set the DNS servers to use our name servers, it is considered as a transferred hosting account when you order hosting. Any existing (previously registered) domain name will qualify whether or not you actually have it hosted somewhere else or not. However, it must show up in the whois lookup as registered before we can set up your account as a transferred domain hosting account. See similar questions...

You can choose from the 5th, 10th, or 20th day of the month. Please be advised that credit and debit cards typically transfer two to three days prior to the selected date due to processing times. Checking and savings account transfers occur on the selected day or the following day. If you would like to give more than once per month, transfers can be made one time per transfer date, up to three times per month. See similar questions...