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Can I open an account in the Bright StartSM College Savings Program with money from my childrens UGMA/UTMA account?

April 26, 2017account bright children College Savings money program startsm UGMA UTMA

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Can I open an account in the Bright StartSM College Savings Program with money from my childrens UGMA/UTMA account?

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Yes, you can transfer the funds from an UGMA/UTMA account into a 529 plan. The assets must be first converted to cash which may be taxable, and then invested into the 529 plan account. Also, certain restrictions apply to custodial UGMA/UTMA 529 plan accounts. Please see The Plan Description Statement for more details. You should consult with a financial or tax advisor before moving the funds.