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Generally - yes - that is possible - but you should be aware of possible legal and tax consequences.
First of all when you wrote "I have 2 utma accounts" - that sounds as you own these accounts - and that is not true...
If you were having a regular bank or investment account and mane a beneficiary of that account that would be correct - you own that account.
With the UTMA account - the person whom you named as a beneficiary is the LEGAL owner of that account - you do not own the money or investment assets in that account - you are not an owner - but a custodial who manages that account on behalf of the minor owner until he/she reaches the age of majority. When assets are transferred to the UTMA account - that was a GIFT to the minor - and you cannot simply take it back or treat as your own assets.
As the custodial - you have legal obligations to act in the best interest of the minor. A custodial account is used to hold and protect assets for a minor until they reach the age of majority. If you use assets in the UTMA account for other purposes - that might be a violation of your custodial obligations.
So when assets are transferred from one UTMA account to another - that means a change of the ownership.Thus if the first account holds some investment assets - these assets should be sold - and that will trigger tax obligations for the owner (who is a minor - not you) if these are appreciated assets.In additional change the ownership without consideration woudl generally classified as a gift - from one minor to another minor. So depending on the amount - the donor might be required to file a gift tax return.
Please also be aware that the decision to make a gift is made by you - and that fact might be questionable if that is in the best interest of the minor.
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