Oklahoma Transfer of Property under the Uniform Transfers to Minors Act
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How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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FAQ
Because money placed in an UGMA/UTMA account is owned by the child, earnings are generally taxed at the child's?usually lower?tax rate, rather than the parent's rate. For some families, this savings can be significant. Up to $1,050 in earnings tax-free. The next $1,050 is taxable at the child's tax rate.
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.
A Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account is an account into which property is set aside for a minor's benefit. Whether a UGMA or UTMA account is used depends on the law of the state in which the account is established.
If you want to transfer cash, stocks, or bonds, a UGMA would fit the purpose. If you want to transfer real estate, or if you want more flexibility in how the assets are used, then a UTMA may be the better option.
Cons. Greater impact on financial aid. Because they're held in the name of the child, UTMA/UGMA accounts hurt financial aid eligibility more than comparable 529 plans. Money becomes the child's at majority.
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed ...
The Uniform Transfers to Minors Act was established in 1986, and it has been adopted in most states, including Oklahoma. These accounts mirror the UGMA accounts in every way except for the fact that any type of property can be transferred into a UTMA account. Another difference is the age of majority and termination.
Age of Majority and Trust Termination StateUGMAUTMANorth Carolina1821North Dakota1821Ohio1821Oklahoma211849 more rows
