Thousands of verified Experts are ready to answer your specific questions 24/7.
Satisfaction is guaranteed and you pay your Expert only if you are satisfied.
Just type your detailed question and click "Get an Answer."
In minutes you'll get a response from an Expert. You can always ask follow-up questions.
Happy with your answer? Just click "Accept" to pay your Expert.
My son's grandfather opened an account with Smith Barney that was supposed to be for my son. My husband and I have paid the taxes on it. My son turned 18 last April. Smith Barney is not even answering the letters written about the account. Got one phone call from them that said they had to contact the grandfather and can't. The grandfather's attitude to my son is at this point negative to say the least about the most. The account says: name of grandfather ACF name of my son U/VA/UTMA Is this account my son's now or not? Is there something we can do or not?
State/Country relating to Question: Virginia Already Tried: We wrote to the Smith Barney Office that shows on the account information we have. We have written 3 letters, and have received no written reponses. We have received 2 phone calls. My son was not home for either one. I spoke to the man. He said in each that they had to contact Ed and hadn't been able to do so. In the last phone call the man said that the account was not my son's until the grandfather signs something. If that is the case, there's no point in our pursuing this because the grandfather is now both elderly and unhappy with my son. If that is not the case, then it is worth pursuing. My son could use the money for school. I guess if there's nothing we can do about it then we need to know whether my son has to keep on paying income tax on it. How could that be if it's not his? Why did my husband and I have to pay income tax on it for my son if it's not my son's?
What state are you in?
I am in the state of Virginia.
Ok. Thanks
The account is now your son's. Custodial accounts are an irrevocable gift to a minor. The custodian controls the account until the minor reaches the age of termination which in Virginia is at age 18. So, it does not really matter how the grandfather now feels about him. These types of custodial accounts are governed in Virginia by Uniform Transfers to Minors Act. Cite the UTMA when you speaking with the people at Smith Barney.
Attorney-at-Law
Licensed in Massachusetts and New York