This is a sample form for use in Tennessee, a Transfer Under the Tennessee Uniform Transfers to Minors Act. Adapt to fit your circumstances. Available in standard formats.
Transfer Under the Tennessee Uniform Transfers to Minors Act
State:
Tennessee
Control #:
TN-02332
Format:
Word;
Rich Text
Instant download
Description
How to fill out Transfer Under The Tennessee Uniform Transfers To Minors Act?
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FAQ
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 most U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed
When children reach the age of majority, the account can be transferred into their name only with custodian consent. Otherwise, they can remove the custodian from the account at the age of termination.
Virtually all states have adopted some form of UTMA that allows you to make gifts to a minor to be held in the name of a custodian during the age of minority. On reaching the age of majority, usually 21 years, the minor is entitled to all assets held in the account.
UGMA and UTMA accounts allow parents to save money and invest, maintain full control until their child is an adult. UTMA stands for Uniform Transfers to Minors Act, and UGMA stands for Universal Gifts to Minors Act. Both accounts allow you to transfer financial assets to a minor without establishing a trust.
The main advantage of using an UTMA account is that the money contributed into the account is exempted from paying a gift tax, up to a maximum of $15,000 per year. Moreover, any income earned on the contributed funds is taxed at the tax rate of the minor who is being gifted the funds.
The Uniform Gifts to Minors Act (UGMA) provides a way to transfer financial assets to a minor without the time-consuming and expensive establishment of a formal trust. A UGMA account is managed by an adult custodian until the minor beneficiary comes of age, at which point he assumes control of the account.
An account created under the Uniform Transfers to Minors Act (UTMA) is one of the most commonly used forms of making gifts to children, grandchildren or other young family members.On reaching the age of majority, usually 21 years, the minor is entitled to all assets held in the account.
The biggest difference between UGMA and UTMA accounts is that UTMAs allow for more types of assets. While UGMA accounts are typically limited to things you find in most IRAs like stocks, bonds, and mutual funds, UTMAs can also hold things like real estate, art, patents, and even cars.
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.
