Old Man Rip You Off?

Old Man Rip You Off?

The Michigan Court of appeals recently upheld the right of children to sue their father where he pulled money out of accounts established for their benefit. The accounts (commonly called “UGMA” accounts because of their legislative name, “Uniform Gift or Transfer to Minor) are commonly set up as savings for college or other expenses. A parent is named as the account holder and has access to the funds because of this.
In the case before the court, father pulled money out of the accounts after a bitter divorce fight. A lower court found that because father was the holder of the account there had not been a wrongful withdrawal and told the kids, in effect, “tough luck.”
The Court of Appeals reversed, holding that the intent of the accounts was to benefit the children and that the money father withdrew was used to benefit him alone. It was a rip off.
If you have UGMA accounts or are the beneficiary of such an account and have questions about it, give one of our lawyers a call and we will be pleased to answer your questions.


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