Can I buy GET units with funds from an existing UGMA or UTMA custodial account?
Funds invested in an UGMA or UTMA account (Uniform Gift to Minors Act/Uniform Transfer to Minors Act) belong to the minor. The custodian has a legal obligation to use the funds solely for the benefit of the minor. To maintain the proper ownership of these funds, a GET account must name the minor as both the account owner and the student beneficiary. You’ll need to name a custodian or trustee to manage the account on the minor’s behalf. Once you set up your GET account, you can liquidate the UGMA or UTMA account and send the funds to the GET Program. Please consult your tax advisor because this transaction may be taxable. Finally, we recommend that you open a second GET account for additional contributions. You’ll own the funds in this second account. The child will own all money in the first account (transferred UTMA/UGMA funds).
