My 13 year old son who is disabled had an ESA established for him many years ago through HD Vest. This type of account is no longer administered by HD Vest, and the funds now reside with FirstClearing. I can't move this money to another place where I have retirement accounts, as they do not administer this type of fund either. I now have a deadline in a week to decide, as they can't hold on to these funds any longer.
My question is what are the tax consequences of just liquidating this fund? It is roughly $10K. It would certainly be easiest, but not if it's some enormous penalty.
