Arkansas Designation of Successor Custodian by Donor Pursuant to the Uniform Transfers to Minors Act
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How to fill out Designation Of Successor Custodian By Donor Pursuant To The Uniform Transfers To Minors Act?
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FAQ
How does an UTMA account work? An adult opens the UTMA account and contributes to it on behalf of a minor beneficiary. The custodian manages the account until the minor comes of age. All custodial assets transfer to the UTMA beneficiary.
An option might be to transfer the funds from an existing custodial account into a trust for the benefit of the minor or young adult, such that the recipient does not receive a significant lump sum until a later age, such as age 25 or 30 or beyond.
No, a parent cannot take money out of a UTMA account. The assets remain under the control of the custodian until the minor reaches the majority age. At that time, all remaining funds in the account are turned over to the beneficiary, free from further court supervision or management.
If you later have second thoughts after putting money into and maybe even having set up the account, you can't cancel or reverse the UTMA or take your money back. Still, there are certain things you can do to change the nature of your gift and the way the child can access it when they reach the legal age.
This threshold is called the ?gift tax exclusion.? In 2022, the exclusion was set at $16,000 per year, and for 2023 it is $17,000. In short, how UTMAs are taxed can provide families with significant savings ? but only up to a certain point. That's why it's important to plan and consider tax obligations beforehand.
UTMA allows the property to be gifted to a minor without establishing a formal trust. The donor or a custodian manages the property for the minor's benefit until the minor reaches a certain age. Once the child reaches a specified age set by the state, the child will have full control over the property.
SUCCESSOR CUSTODIAN means upon the death of the Custodian the individual designated as the successor custodian on a signature card related to an IUTMA account.
Arkansas. The UTMA age of majority for transfers by gift, will, or trust is age 21, unless the transferor explicitly provides for a transfer to be effective at an age below 21 and greater than 18. The age of majority is 18 for all transfers other than by gift, will, or trust.
