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Money and Finances
Reply to "Custodial Account Question"
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[quote=Anonymous][quote=Anonymous]I think it can be done if parent indicates to financial firm that funds are for the benefit of the child. [/quote] No, it can’t. She’s not using the money for the child. She’s transferred the money out of the child’s name into her own name. The child could never get it when the child wants now, as it’s wholly subject to if, as, and when the mom chooses to regift it to the kid. Instead, she could have said to the financial institution: kid is in need of extensive tutoring. I am withdrawing $2000 to pay for that. Then she does withdraw $2000 and does pay a tutor $2000. That’s allowed. [/quote]
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