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Reply to "If your kids have UTMAs"
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[quote=Anonymous]My kids have UTMAs around $50K each. They are late teens and early 20s. I put all birthday money and unspent summer job money into this account for them. The thought was that they would use it for a big purchase like a car, but we’ve been handing down our old cars so I’m not so sure. I’d like to roll it into a Roth for them, but they may want it for a down payment or something else. We will probably cover graduate school. One kid wanted to spend the money on a flashy car but ultimately couldn’t afford the insurance on said flashy car. I regret that one knowing about the money because they’re a spendthrift. I don’t have the same issue with the others.[/quote]
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