Transfer of Property under the Uniform Transfers to Minors Act
Description Uniform Transfers Minors
How to fill out Transfer Minor Act?
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Transfer Property Uniform Minors Sample Form popularity
Custodian Acknowledge Signature Other Form Names
Transfer Property Transfers FAQ
In California, the age of majority is 18 while the age of trust termination is 21. As a result, custodians can establish UTMA accounts for a minor and specify that they wait until age 21 to gain control of the funds. Once the account is funded, it is common to invest the funds in stocks, bonds, mutual funds etc.
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.
As the custodian of a UTMA/UGMA account, a parent can withdraw money whenever needed to benefit the child.
Custodial accounts are considered an asset of the child and are counted against financial aid, he said.But when your child reaches the age of majority - 18 or 21, or even older, depending on the state - you, as the custodian, lose all control over the account.
Unlike the Coverdell ESA, which limits you to an annual contribution of $2,000 per child, the UGMA/UTMA accounts allow you to contribute up to $13,000 per year (or $26,000 for couples filing jointly) per child without incurring gift tax. Contributions above $26,000 will incur the gift tax.
UTMA accounts can invest in typical securities, like stocks, bonds, mutual funds, and ETFs. They can also hold life insurance policies and real estate property, as well as other alternative assets like fine art. The custodian is responsible for managing the UTMA account, similar to how a trustee manages a trust.
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.
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.
