Any UGTMA experts out there?

[vballmom]

<p>hockeymom,
If your ex-husband is the custodian on your son’s UTMA and refuses to give you statements, there’s probably not a lot you can do, especially if this account was not documented in your settlement agreement. </p>

<p>If you feel your settlement agreement’s terms regarding college expenses are iron-clad, then one thing you might do is to ask your ex to confirm that you’re “credited” for half of the funds that were withdrawn from your joint account when dividing up the college costs. That way regardless of what happens to the money, your original contribution is still accounted for.</p>

<p>Here is some information I found recently regarding UTMAs that might be helpful. It leaves open to a wide interpretation how UGMA/UTMA funds can be spent “for the benefit of the child”. It also might not be valid for New York (the author is in Colorado). This part might speak to your situation:</p>

<p>

When a custodian removes assets from an UTMA account, the custodian or the custodian’s estate can be held liable for the loss of the minor’s assets. Although beneficiaries’ claims for such losses are often dismissed and case law indicates that punitive damages are unlikely, a beneficiary may pursue a claim against a custodian who uses or loses the UTMA assets. For example, the Colorado Supreme Court has held that investment in penny stocks with the resulting complete loss of assets was breach of the custodian’s duty of care.

</p>

<p><a href=“http://www.rothgerber.com/files/2533_estatetrust.pdf[/url]”>http://www.rothgerber.com/files/2533_estatetrust.pdf&lt;/a&gt;&lt;/p&gt;