Hawaii Transfer under the Uniform Transfers to Minors Act - Multistate Form
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FAQ
Can You Withdraw Money From an UTMA Account? It's possible to withdraw money from an UTMA account. However, there's one essential rule you've got to bear in mind ? all withdrawals from a custodial account must be for the direct benefit of the beneficiary.
Finally, note that, unlike a 529, which can only be funded through cash contributions, a UTMA account can be funded through a variety of methods, including stocks, bonds, mutual funds, and cash. UTMAs can also even include fine art or property for a minor beneficiary.
Who should consider an UGMA/UTMA account? Anyone can contribute up to $17,000 per child each year free of gift-tax consequences ($34,000 for married couples). This amount is indexed for inflation and may increase over time. Because contributions are made with after-tax dollars, a deduction cannot be taken.
The UTMA allows the donor to name a custodian, who has the fiduciary duty to manage and invest the property on behalf of the minor until that minor becomes of legal age. The property belongs to the minor from the time the property is gifted.
Transferring a UTMA account to a child is simple. You can do so with most financial or investment institutions. You can also consult a tax or business lawyer to help you set up the legal structure, although most financial institutions can do this for you.
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.
A Vanguard UGMA/UTMA offers you more A broad lineup of investment options, including Vanguard mutual funds, stocks, bonds, non-Vanguard mutual funds, and ETFs (exchange-traded funds).
The assets in the UTMA account then belong to the minor, even though they cannot access the assets until the age of majority. Once the minor reaches the age of majority, they have the option to convert a UTMA to an individual account.
