Old Mutual Fund ?

[TamiTaylor]

So apparently my mother has an old mutual fund invest count setup from when I was a minor. She used this to save for and pay for my college. It has less than 10k still remaining in it has her as the custodian of the account with me as the minor. How do we go about getting this changed to where I am the sole owner of the account? Can I withdraw the funds and put them into my own retirement account or even a new mutual fund without taxes or penalties? Any advice or can anyone point me in the right direction for how to do this or who to talk to? I know I need to be more financially savvy and should know more about mutual funds/investing but I have really no clue what to do.

[statgirl]

Who manages the fund? I had money in American Funds and just did this a month ago. It was an UTMA account so I had to fill out a change of account owner form, a name change, and an application for a new account so all my details were there. I did not have to have my parents sign as the account was so old that if I had been an infant when they created it, I would already not be a minor.

If she bought it through an advisor like Edward Jones, I would throw the work back on them. Mine was through an advisor, so I took this chance to unloop it from them because I never use them, I don’t necessarily agree with their business model, and I plan to reinvest the money independently soon. I did the path of least resistance with the transfer because I didn’t want to have to go in person anywhere.

[TamiTaylor]

Aug 2, 2020 13:53:17 GMT -5 statgirl said:

Who manages the fund? I had money in American Funds and just did this a month ago. It was an UTMA account so I had to fill out a change of account owner form, a name change, and an application for a new account so all my details were there. I did not have to have my parents sign as the account was so old that if I had been an infant when they created it, I would already not be a minor.

If she bought it through an advisor like Edward Jones, I would throw the work back on them. Mine was through an advisor, so I took this chance to unloop it from them because I never use them, I don’t necessarily agree with their business model, and I plan to reinvest the money independently soon. I did the path of least resistance with the transfer because I didn’t want to have to go in person anywhere.

It was/is a Columbia Mutual Fund.

[statgirl]

Aug 2, 2020 14:43:51 GMT -5 TamiTaylor said:

Aug 2, 2020 13:53:17 GMT -5 statgirl said:

Who manages the fund? I had money in American Funds and just did this a month ago. It was an UTMA account so I had to fill out a change of account owner form, a name change, and an application for a new account so all my details were there. I did not have to have my parents sign as the account was so old that if I had been an infant when they created it, I would already not be a minor.

If she bought it through an advisor like Edward Jones, I would throw the work back on them. Mine was through an advisor, so I took this chance to unloop it from them because I never use them, I don’t necessarily agree with their business model, and I plan to reinvest the money independently soon. I did the path of least resistance with the transfer because I didn’t want to have to go in person anywhere.

It was/is a Columbia Mutual Fund.

I would start by calling shareholder services and talking with them. If it is an UTMA/UGMA, you probably just have to do an account registration change to remove your mom’s name. If it is in her name only, I don’t know the tax implications on any of it. My UTMA was reporting under my SSN so I had been paying taxes on it the whole time.