Custodia Hijo Withdrawal
Description
How to fill out New York General Power Of Attorney For Care And Custody Of Child Or Children?
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FAQ
As the custodian, you can withdraw money from a custodial account if you need to use it to pay for something that will benefit the minor. You can't take the money back yourself, or give it to someone else.
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.
At what age does a child take control of the assets in the account? In some states a custodian can specify the age?18, 21, or even older?when the child will take control of the account (also called the "age of majority"). It is important to do this when you open the account, since you cannot make any changes later.
Gifts are irrevocable: Contributions to a custodial account are considered irrevocable?meaning you can't get that money back?and funds can be withdrawn by the custodian only to pay for expenses that would directly benefit the child before the age of majority.
As the legal owner of the custodial account, your child is technically on the hook to file a tax return and pay any taxes or penalties owed on unearned income.