I bought an UGMA fund for my daughter, Jacqueline, in the 1970s, and listed myself as adminstrator. Due to a number of life events including her illnesses, I neglected to have myself removed when she turned 21. The account now has 66+K in it and I need to be removed as the administrator. Due to improper advice from one of your agents my daughter, Misha, had to pay a substantial and unnecessary tax on her UGMA transfer when it occurred two years ago. I recentlly talked to one of your agents who gave me similar advice about getting Linest's account placed solely in her name I do not wish to have this daughter pay a 20 K tax on money she has already paid taxes on over the years. So, if someone there will review this account and help me with the appropriate removal of my name from her UGMA, making her the sole owner of it I would be most appreciative. When exploring this with a local money manager I was advised that the needed process was completion of a federal document confirming being removed as the administrator. Please help
@Orenhofen, Thank you so much for reaching out today. I have located your information and I am forwarding your previous concerns to be reviewed. Please call in as well to 210-531-8722 so that we can pull up that particular account and assist. ~Tom
@orenhofen - I am confused as to why there would be a tax bill unless USAA sold securities when putting this into your daughter's name. I believe that this is really about retitling the account and should be able to be done without having to sell anything and I agree with your money manager. All of the accounts that I administered for my kids were converted to my kids names without any problems and no tax consequences when they turned 21. We were even able to convert accounts that their grandparents administered without any problems. It was just a matter of providing the proper documentation. My recommendation - speak to several people at USAA before you do anything. This is an area where there is a lot of misinformation.