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In general - no, assuming that the UTMA is set up properly with the chiild's social security number. Money in the account belongs to the child, not the custodian. HOWEVER, custodial accounts are not protected from bankruptcy. If you are asking whether you can "dump" assets into the child's account, think twice - if you fund a custodial account shortly before filing for bankruptcy the court will likely pursue this to help repay you creditors. It may come down to who funded the account - if it's a gift from Grandma to the child and the parent custodian filed for bankruptcy there shouldn't be an issue. But if the parent custoidian funded the account and then files for bankruptcy, then it may well be at risk. |
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