Can I close my child's UTMA account?

Closing an Account You can close a custodial account and suffer no repercussions if you give the funds to the child or transfer them into another account for the child's benefit.You can close the custodial account and establish a regular account at your bank or brokerage firm with the child as the sole beneficiary.

Are UTMA accounts taxable to parents?

Because money placed in an UGMA/UTMA account is owned by the child, earnings are generally taxed at the child'susually lowertax rate, rather than the parent's rate.Up to $1,050 in earnings tax-free. The next $1,050 is taxable at the child's tax rate. Any earnings over $2,100 are taxed at the parent's rate.

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Transfer Under the Alaska Uniform Transfers to Minors

Transfer Under the Alaska Uniform Transfers to Minors

Name: Transfer Under the Alaska Uniform Transfers to Minors
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.61 (323 reviews)

Category:

Alaska Family Law - Minors - Custodial Trust Act

State:

Alaska

Control #:

AK-02013

Format:

Instant download

Description

This Transfer Under the Alaska Uniform Transfers To Minors Act form is signed by a transferror to indicate that he/she/it has transferred property to a minor pursuant to the Alaska Uniform Transfers To Minors Act. The custodian of the property also signs indicating receipt of the property.

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FAQ

Generally, the UTMA account transfers to the beneficiary when he or she becomes a legal adult, which is usually 18 or 21. However, the age of adulthood may be defined differently for custodial accounts, like UTMAs or 529 plans, depending on your state.

Closing an Account You can close a custodial account and suffer no repercussions if you give the funds to the child or transfer them into another account for the child's benefit.You can close the custodial account and establish a regular account at your bank or brokerage firm with the child as the sole beneficiary.

You can move money from a custodial account, such as a UGMA (Uniform Gifts to Minors Act) or a UTMA (Uniform Transfers to Minors Act), to a 529 plan.

The Uniform Transfers to Minors Act (UTMA) allows a minor to receive gifts without the aid of a guardian or trustee.The donor can name a custodian who has the fiduciary duty to manage and invest the property on behalf of the minor until the minor becomes of legal age.

There is no ability to transfer a UGMA or UTMA account to another child or to change beneficiaries. You are not supposed to use a UTMA-529 or UGMA-529 account conversion to change the beneficiary either because that would equate to giving your child's money to someone else.

Because money placed in an UGMA/UTMA account is owned by the child, earnings are generally taxed at the child'susually lowertax rate, rather than the parent's rate.Up to $1,050 in earnings tax-free. The next $1,050 is taxable at the child's tax rate. Any earnings over $2,100 are taxed at the parent's rate.

If you have a nonretirement account, you can change your account's registration online . To change your custodial account (UGMA/UTMA) to an individual account, complete the change online . If you have a nonretirement account, you can change your account's registration online .

(AND UTMA REMORSE!): Transferring a UTMA account to a trust.Transfers under the UTMA are irrevocable and leave the donor with no legal or equitable rights in the property. Rather, title is registered in the name of a custodian for the benefit of the minor.

A custodial account will automatically close when the custodian releases the assets to the new adult. But the custodian has no authority to close a custodial account before then. A custodial account can only be transferred to another custodian on the child's behalf.

Transfer Under the Alaska Uniform Transfers to Minors

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FAQ

At what age do UTMA accounts transfer?

Can I close my child's UTMA account?

Can you transfer a UTMA account?

What does the Uniform Transfers to Minors Act establish?

Can you change the custodian on a UTMA account?

Are UTMA accounts taxable to parents?

How do I change my UTMA account?

Can you transfer a UTMA account to a trust?

Can a custodian close an UTMA account?

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