Hi, Laura. I just listened to your most recent podcast on UDMA and UTMA accounts. I'm 38

years old and discovered about three years ago that my mom has set up this type of account

for me through Putnam. I am wondering what is the best thing to do with this account

now that will benefit me the most financially. When we found out about the account, we

ended up having to pay taxes on it and it left me wondering if I should take the funds

out and transfer it to a different type of account, like my Roth IRA or LVEST or a high

yield savings account. What are the pros and cons for keeping a UDMA, UTMA account after

21? In your professional opinion, what would you do at this with you? Thank you.

Thank you for your question, Teresa. You must have been pretty surprised to find out that

you own assets in a custodial account after so many years. Knowing what to do with an unexpected

windfall can be confusing, but it is a terrific problem. This show will review smart steps

for managing a windfall based on your financial situation, age, and risk tolerance. These

tips supply even if you don't have extra cash, so stay with me.

Hey friends, welcome back to the Money Girl Podcast. I really appreciate you downloading

this show. I'm Laura Adams, an award-winning author who's been bringing you personal

finance tips every week since 2008, with over 40 million downloads. I'm also a keynote

speaker, and I work with select brands doing on-camera and writing work as a spokesperson

and consumer advocate. I'd love to hear from you if you're interested in collaborating

for an upcoming speaking event or a PR campaign. As always, you can reach me using my contact

page at LauraDatams.com. That's also where you can learn more about my work, award-winning

personal finance books and money courses. You can also leave me a message by calling

302-364-0308, just like Teresa did. If you didn't listen to last week's show about

...