Q: If I deposit cash into my child's UTMA account after she turns 21, is that deposit considered my daughter's UTMA Funds?
or since she is already older than 21, the deposits can be considered my money? I never closed my daughter's UTMA account when she was 21. She is now 24 and I realized that I deposited substantial money into her UTMA account after she was 21 that I considered to me mine and not hers. Can I now close her UTMA account and keep for myself all the deposits that I made into her account AFTER she was 21? Is there any NJ rule on this matter?
A: As a general rule, once money is deposited into an UTMA account, it is irrevocable. In other words, the money cannot be returned to the person who deposited the money. This is so even when the child reaches the age of majority. You should discuss your situation with your bank and your daughter.
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