Uniform To Transfer Minors Act
Description
How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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FAQ
The main advantage of using a UTMA account is that the money contributed to the account is exempted from paying a gift tax of up to a maximum of $16,000 per year for 2022 ($17,000 for 2023). 2 Any income earned on the contributed funds is taxed at the tax rate of the minor who is being gifted the funds.
An UTMA account is easy to open and straightforward to use. An adult opens the UTMA account and contributes to it on behalf of a minor beneficiary. The custodian manages the account until the minor comes of age. All custodial assets transfer to the UTMA beneficiary.
Cons Greater impact on financial aid. Because they're held in the name of the child, UTMA/UGMA accounts hurt financial aid eligibility more than comparable 529 plans. Money becomes the child's at majority. ... Transfers are irrevocable.
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.
It's possible to withdraw money from an UTMA account. However, there's one essential rule you've got to bear in mind ? all withdrawals from a custodial account must be for the direct benefit of the beneficiary.
