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<p>I did not think you were. I too was pointing out facts that the UTMA account is not set up solely for college fund. It can be used for anything like buying a car, paying for car insurance. I did not set it up for college purpose. I only set it up as UTMA because there is this mutual fund with fantastic record that only accept UTMA account, nothing else. I set up as a yearly gift for my kids. When they were young I did not want to spoil them with so many gifts, they had plenty in my opinion. So I this account was set up for that purpose. Why did I close the account? The performance record turned really bad and I did not think it was worth to keep it as such restrictive account. Besides, when I set up the account, I set the age that my kids can take out the money to be 25. That seems to be changing now that they are getting older. They want the money out now.</p>