Can a Custodian Withdraw Money from a Custodial Account?
As of 2012, you could give the account $13,000 as an individual or $26,000 as a couple without having to pay a gift tax. Every UTMA account has a designated custodian who can make withdrawals or cash in the account at any time.
How old do you have to be to get UGMA money?
Each state has adopted its own version of these accounts, but generally, beneficiaries can access their UGMA money at age 18 and UTMA cash at age 21. These accounts are popular ways to save for a child’s college costs.
