Legal Question in Credit and Debt Law in Nevada

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.

Asked on 8/14/13, 2:51 pm

1 Answer from Attorneys

Paul Malikowski Malikowski Law Offices, Ltd.

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.

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Answered on 8/15/13, 10:13 am

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