Legal Question in Wills and Trusts in New York
Using UGMA funds to buy house
I opened a UGMA for my 4 year old grandson with stock from my employer. My son is custodian. and suggests to use that money to make a down payment on investment property ( 4-family house). Can this be done? How can we protect my grandson’s interest?
Asked on 10/12/07, 2:35 pm
1 Answer from Attorneys
Anthony Park
Anthony S. Park, PLLC
Re: Using UGMA funds to buy house
Yes, it is possible to withdraw your grandson's UGMA funds for other investments. To protect your grandson's interests, you may wish to have those transferred to a Trust for your grandson's benefit.
You may contact my office by email or phone for a brief consultation on your case.
Answered on 10/13/07, 8:38 am
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