I owe credit card debt. I have a UGTMA(Uniform Gift to Minors Account) savings account in her name that I am listed as the guardian. The amount is less than $7,ooo. Can the collections agency obtain a judgment to take the money from the account. The account was opened about 1.5 years ago.
1 Answer from Attorneys
Nevada Revised Statutes exempt from execution:
(5) A trust forming part of a qualified tuition program pursuant to chapter 353B of NRS, any applicable regulations adopted pursuant to chapter 353B of NRS and section 529 of the Internal Revenue Code, 26 U.S.C. § 529, unless the money is deposited after the entry of a judgment against the purchaser or account owner or the money will not be used by any beneficiary to attend a college or university.
NRS § 21.090
Your attorney can explain further.