<p>“Sue me? I don’t think so. It was my money in the first place.”</p>
<p>“Was” is the key phrase in that sentence. When you fund an UTMA or UGMA you are giving that money to the child. It is not revocable. However, like was said before, you can transfer it to a student owned 529. </p>
<p>As far as gifting assets to a child to be sold, and tax implications, that is the “kiddie tax,” you can find it on google. Keep in mind the kiddie tax laws are soon changing.</p>