The fund was set up by my father. He is deceased. He appointed my sister the custodian. I have been denied access to any information about the fund by the broker and my sister. We are no longer on speaking terms due to a separate disagreement. The IRS has sent a bill for taxes on distributions from the fund. My child has not received any money from the fund.
This "fund" is it a trust or a uniform gifts for minors account? In any event, you clearly need an attorney to either inquire or bring suit against this trustee/custodian. It is not legal and fraud to self-deal and not use the funds for the benefit of the beneficiary.
This is not legal advice nor intended to create an attorney-client relationship. The information provided here is informational in nature only. This attorney may not be licensed in the jurisdiction which you have a question about so the answer could be only general in nature. Visit Steve Zelinger's website: http://www.stevenzelinger.com/
I agree with Attorney Zelinger. You need an attorney to help you investigate this further.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!