Sentences with phrase «irrevocable gift to the child»
The funds in the account are classed as an irrevocable gift to the child — once the money is given, it can not be taken back.
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Because money gifted to a child in an UGMA / UTMA account is irrevocable, you shouldn't mix UGMA / UTMA and non - UGMA / UTMA assets in the same 529 account.
If the child is younger than 21 years of age, you can make an irrevocable monetary gift to the child using a PSECU Custodial account.