Can I transfer assets from an UGMA/UTMA into my CollegeBoundfundSM account?
To transfer UGMA/UTMA assets into your CollegeBoundfundSM account, you must first liquidate the UGMA/UTMA. As custodian, you can then contribute the cash proceeds to your CollegeBoundfundSM account. Additionally, you will need to complete an Incoming Transfer/Rollover form The account will be handled according to the same rules as all 529 accounts with two exceptions: beneficiaries may never be changed, and the monies held in the account may not be reclaimed by the account holder at any time. Like custodial accounts, ultimate control over the assets may rest with the beneficiary. Please consult an attorney for details.
