Reply to Setting aside money for children: Life Fund

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The UTMA/UGMAs [b]have to get turned over to your kid when they hit age 18 or 21[/b], and you don’t have the ability to take back any of the funds you contributed. Doing the annual gifting as others have mentioned gives you more flexibility [/quote]

What happens if the kids are unaware of these accounts and you don't give them the userid/password for those accounts?[/quote]

It's fraud. The money is owned by them when they turn 18 and if you are keeping their own money from them, it is stealing from them. If they found out about it, they could sue you. [/quote]

What if the money remains in their account untouched or is spent for their college expense?

Would it be the same, say, with iBonds?  We have invested 10K in each of our kids' names (only because of the annual limits) and plan to continue to do this as long as the rates are good.  Kids are unaware of this and our plan was to 'surprise' them when they turn 25 or at some future point when they are mature adults assuming we don't need to tap these funds to pay for private college.  [/quote]

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