Chapter 14 - Changing the UTMA Custodian
The children’s accounts had to be repaired.
Greg transferred $6,500 back within two weeks.
Not enough.
Why?
Market gains lost.
Fees.
The accounting expert calculated make-whole amount:
$6,742.
Greg deposited full amount.
Then resigned as custodian under the account institution’s process.
A successor custodian was appointed according to the governing documents and legal advice.
Me.
With one safeguard:
Annual statements copied to Richard because he remained major donor? Not necessary and could reintroduce family control. Better independent CPA yearly. Yes.
I chose an independent financial adviser to issue annual summaries.
No Greg.
No Eleanor.
No Chloe.
Not because I was morally perfect.
Because transparency helps everyone.
I also learned something uncomfortable.
I had barely understood the accounts before.
I knew balances.
Not governance.
I had accepted:
Greg handles investments.
That was another form of outsourcing.
No one is required to become securities expert to be good mother.
But I needed to know:
Whose money?
Who controls it?
What can be withdrawn?
Basic.
May you like
That became part of my life.
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