Q: If I accidentally deposit money in a UTMA can I fix my mistake or is it irrevocable?
A few days ago I accidentally deposited some money in my daughter’s UTMA and bought some stocks with it before I realized my mistake. Can I sell the stocks and withdraw the money or is it now irrevocable her money?
A: Generally speaking, any deposits to a UTMA account by a parent are irrevocable. You should consult an attorney in your area to discuss the details to be sure.
Nina Whitehurst and Bruce Alexander Minnick agree with this answer
A: When you consult with a professional be sure to ask them if the investment income you are seeking from getting out of the market and getting back in at a lower price (riding the bull down to the bear's den) is worth the penalty.
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