Uniform Transfers To Minors Act Texas
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How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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FAQ
The Uniform Transfers to Minors Act (UTMA) allows a minor to receive gifts without the aid of a guardian or trustee. The law is an extension of the Uniform Gift to Minors Act.
Texas. The statutory age of majority for UTMA purposes is 21 for transfers by irrevocable gift or pursuant to a will or trust. The UTMA age of majority for transfers other than by gift, will, or trust is set as the State's standard age of majority, which is 18.
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.
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.
UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner.
