Legal Question in Banking Law in Minnesota

Joint account question
My grandma gave my daughter money for college. We put it into a CD in my daughters name/account which I am joint on. During college financial planning we discovered that with the assets in my daughters name it would greatly effect financial aid. We moved the money into an IRA in my name to maximize grants and it can be withdrawn for college. Grandma is upset we moved the money. It is my responsibility to have the money where it is in my daughters best interest. Does grandma have any recourse? Her name was no longer on the money after she gave it to us.
Thanks!!!

Asked on 2/14/05, 2:29 pm

David Anderson Anderson Business Law LLC

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Re: Joint account question

Answer depends on how the gift was given, your daughter's age at time of gift, and how account is now titled.

Is the donor of the gift aware of the reason for the move?

Answered on 2/14/05, 2:47 pm

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