My ex is the custodian of our 4 kids UGMA accts established in FLORIDA, which were funded by his parents. His mother found out ,years before me, he was having an affair with his Psych student. Each child had about $50,000 each. I am assuming that because ex was the beneficiary and the that the accounts would be treated as ASSETS, ( in a divorce) they converted the UGMA's into 2 separate accounts. The original UGMA was through Raymond James. They converted each child's account into a Raymond James age based Leg Mason 529 account and a Scholors Choice 529 account. Ex is the BENEFICIARY on both accounts. He has misused both accts by including many late fees, less then part time students, an apartment that's not eligible ( only four classes in one year)and many other charges. Another child had a scholarship, so he withdrew $10,000 from her acct. He had our oldest son sign off his rights for the UGMA= the two converted 529 plans, 30 days before his 21st bday. Son had no idea what he was signing. I've spoken with many lawyers, Vanguard and Scholars Choice . The majority say Raymond James should have never allowed this type of conversion. (Enabling two 529 plans to interact ). He told the court they were one plan. He is planning on using the $10,000 ( eligible w/ draw ) to take kids on a trip. He makes over $300,000/ yr but feels he can take from his daughters inheritance? Where else can I find an expert on this issue? Now I understand why he kept lying about these 529 plans. The kids also have 2 more educational plans each that I made for them. Ex is in control of them too. The kids all work, some 40 hours a week, he claims 3 of the four kids. Do the kids need to worry about their income taxes? Isn't this UGMA acct illegal? Thank You
