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Reply to "Custodial Account Question"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here, you were all wrong. I called Vangaurd back, got the correct person (5th time must be the charm), and transferred the funds to new accounts in my name only. The funds are still for our kids, they just won't be getting it all when they turn 21[/quote] It it was a utma account, we are not wrong. The person you spoke to is and that person helped you breach your fiduciary duty. The fact that they allowed it does not change the fact that you breached your duty. It was an irrevocable transfer that you unlawfully revoked. [/quote] Agreed! My financial guy was very clear that once an UTMA was established it can’t be unwound.[/quote]
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