Will the Uniform Transfers to Minors Act help me provide for my children?

uniform transfer to minors consumer bankruptcy

Will the Uniform Transfers to Minors Act help me provide for my children?

Money held in trust for someone else is not property of the estate. Let’s say you setup a Uniform Transfers to Minors Act (UTMA) “custodianship” in the form a bank account. Because you cannot revoke the custodianship, any money you deposit to the UTMA account is not your property. Your payments might nonetheless be found to be fraudulent transfers if they were made with an intention to hinder, delay or defraud your creditors or at a time when you were insolvent.

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