There’s ownership and then there’s control. Two separate things. In your example, you don’t own except as authorized by the trust. Who owns an UTMA, the parent or the child? With a 401K, I think you would raise a fuss if your employer tried to take money out, other than for agreed upon reasons, like fees.Ownership is a complicated concept, and can mean different things for different purposes.I disagree with this idea. The account belongs to the employee, but the employer sets some of the rules, the brokerage sets some rules, and the Government sets other rules. The employer is responsible for some of the processes and the brokerage is responsible for other processes.
If your mother creates an irrevocable trust for your benefit and names herself as trustee, do you "own" any brokerage accounts she establishes under the trust umbrella? In a sense, sure. Those accounts are held for your benefit. You have rights. But your mother has legal title in her role as trustee.
Statistics: Posted by rkhusky — Fri Dec 27, 2024 1:34 pm