[zap100]

My husband passed away and I asked people to donate to my daughter's college fund in lieu of flowers.

Before I made the announcement to the newspaper, I asked the bank how I should have the people make out the check; either just my daughter's name, or it could be "Jane Doe's Scholarship Fund."

The bank clerk opened the bank account in my daughter's UTMA account and told me that it would be no problem to deposit the check even if it had the scholarship name on it.

I made the announcement in the newspaper and most of the checks came with "Jane Doe's Scholarship Fund."
When I went to the bank to deposit the checks, I was unable to because the bank name was in my daughter's name while the checks also included "Scholarship Fund."

So what is the best way to go about this?
What kind of account should I open?

[Choux]

An account under the "Gift for Minors" act... the tax identification number on a "Gift for Minors" the account is your daughter's, the money belongs to your daughter for her benefit, and you are the Custodian. Deposits must be made to the account as the account reads... *Jane Doe, Custodian Little Jannie Doe, Minor*. You cannot use the contents of this account for anything but Jannie Doe's needs, and *not* just any needs. That is why you get a tax break.

You would have to have a lawyer draw up a trust account called "Jannie Doe's Scholarship Account"... that is similar to the way accounts must be opened legally for the benefit of contributing to people who have suffered a burned down house, for example, and a TV plea has brought in a lot of money to help them.

It is all about the correct tax identification number for the type of account. You will probably have to get a tax identification number for the Scholarship Fund(perhaps you can use your daughter's social security number, but the interest would be taxable)... I don't know for sure, I have been retired from the bank for ten years... You will have to see a lawyer to this legally and correctly.

Sorry for your terrible loss
Best wishes for a happy future,

[AtlantaTaxExpert]

I would open an UTMA acount with name that matched the Scholarship Fund at ANOTHER BANK. Make sure your daughter is the ultimate beneficiary.

Then transfer her UTMA account from the old bank (who, In my opinion, is being STUPID about this) to this new account.

Sorry for your loss!

[zap100]

Thank you for your answers.

I went to a different bank and they told me to get a TIN (Tax Identification Number)
Number to open the account.
<<<<<<what kind of account? Same type?? >>>>>>>>UTMA?

I asked the bank which type of TIN category I should apply for and they
Could not answer.

When I apply for the TIN, which TIN category should I apply for?
Sole proprietor, memorial or scholarship fund?

This money will only be used for my daughter.

[AtlantaTaxExpert]

Use scholarship fund!