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Custodianship under the UTMA

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If a minor has funds in a custodianship under the UTMA but also has an individual account in his own name, and he has reached the age for release of the UTMA funds, can we use the funds in the UTMA to offset an overdraft in the individually-owned account?

No. There is no offset allowed against the UTMA account as long as it exists, even if the minor has attained the age for release.

First published on 02/21/2021

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