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  • Section F-2000 - A Little More Early Help Indiana Transfers To Minors Act

Get Section F-2000 - A Little More Early Help Indiana Transfers To Minors Act

Ult" defined Sec. 1. As used in this chapter, "adult" means an individual who is at least twenty-one (21) years of age. As added by P.L.267-1989, SEC.2. 30-2-8.5-2 "Benefit plan" defined Sec. 2. As used in this chapter, "benefit plan" means an employer's plan for the benefit of an employee or partner. As added by P.L.267-1989, SEC.2. 30-2-8.5-3 "Broker" defined Sec. 3. As used in this chapter, "broker" means a person lawfully engaged in the business of effecting transactions in securities or com.

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Closing a UTMA account Once the child reaches the age of majority, they can transfer or use the funds and close the UTMA account. However, after setting up the UTMA account, parents don't have the option of closing it.

In addition, you must relinquish control of the 529 plan to your child when he or she reaches the age of majority (18 or 21, depending on state law), because this is what happens with an UGMA/UTMA account.

If you plan to gift assets to a minor child, extra care must be taken to ensure that those assets are protected and responsibly managed until the child reaches the age of majority.

The minor does have to pay taxes, as they are the owner of the UTMA account. However, there are some benefits of the account belonging to the child and not the custodian. First, as of 2023, the IRS exempts $1,250 of the account's passive income or gains from taxes each year.

The custodian can spend or invest the money in the UTMA account at their discretion, as long as it's for the minor's benefit. This covers a wide range of expenses, including education, transportation, and extracurricular activities like music lessons or summer camp for the beneficiary.

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.

Depending on the state, a UTMA account is handed over to a child when they reach either age 18 or age 21. In some jurisdictions, at age 18 a UTMA account can only be handed over with the custodian's permission, and at 21 is transferred automatically.

UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232