Judgements and gift to minor accounts bank accounts
Can a bank creditor with a judgement on a parent take money out of a gift to minor account when that parent's name is on the minor account as trustee?
Reply from DebtCollectionAnswers.com:
It is our understanding that gifts to minors that have been properly set up under the Uniform Gifts to Minors Act (UGMA) are not considered part of the parent's estate and are safe from creditors, even if the debtor has filed for bankruptcy. However, we are not attorneys and recommend you consult a bankruptcy attorney to clarify what is safe from judgment creditors and what may be at risk.
Click here to post comments
Return to Debt Collection Questions.