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Multiple Kids on a UTMA Account?

Question: 
Parents of three kids came in to set up a UTMA account today. They insisted they wanted all three kids on the account, so that’s the way we handled it. Problem?
Answer: 

That is a problem. You have deviated from what the law permits. There may only be one child per UTMA. You don’t have a real UTMA account now — and the kids may not be protected in the same way the UTMA statutes would protect them. Plus, there are questions about what you would need to do in the event you get a garnishment or levy on mom or dad.
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Learn more about Mary Beth Guard’s webinar So You’re New to New Accounts?

First published on 03/08/2020

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