ASK NEALE: College Fund Dilemma by Jesse Broome | Oct 17, 2017 | ask | 2 comments https://youtu.be/ranTW0hTYz8Victoria from Arkansas has saved $50,000 for her son’s education but he wants to buy a car instead. Neale’s advice might surprise you! 2 Comments TerryPotter on October 18, 2017 at 6:37 am I didn’t know this! What kind of account did the mom use? NealeGodfrey on October 18, 2017 at 6:43 am Hi Terry. It was an UTMA account. It’s a custodial account set up for a minor(an UGMA or UTMA account). The Uniform Gift to Minors Act (UGMA) established a simple way for a minor to own securities without requiring the services of an attorney to prepare trust documents. Many parents use it to set up college funds.