Q: I have GATMA for grandchildren. What it the requirements or penaties for withdrawing and changing the type of acct?
A:
I looked at the GATMA provisions. There is nothing in the statutes which addresses this. I don't know what was transferred or its taxability. I am not aware of any penalties. Was this an irrevocable transfer? If it was, then you cannot withdraw anything.
How was this transfer effectuated? Who is the custodian? Have you talked with the custodian about this? Did you sign an kinds of documentation? If so, what does it say? Is this like a certificate of deposit? If so, there might be penalties associated with early withdrawal, but again, you should read the instrument creating the transfer or talk with the custodian.
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