Sam's grandmother established and was custodian of a UGMA for him. Sam's parents divorced in 1998. Sam's mother continued to pay the taxes on this account until in 2000 grandma took the money out of the Sam's name and ss# and gave it to her son (Sam's father). The father now claims that he has been spending the money over the last 7 years ($23,000 in 2000) on Sam for cell phone costs, vacations, sports etc. Isn't this a violation of the UGMA and can I bring suit to reclaim this lost money? Sam is now 16. The father has an income of $100,000 a year and it seems incredible that he could have spent this money on Sam, especially since the father does not have physical custody of the Sam.
Thanks for ideas.
Thanks for ideas.
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