Uniform Transfers To Minors Act Florida
Description
How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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FAQ
B or 1099DIV should be received at the end of the tax year from the financial institution handling the UGMA/UTMA account to report any interest or earnings on the account.
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.
Under the UTMA, the minor is precluded from making any withdrawals until reaching the age of 21, not 18. Once the minor has reached the age of 21, the custodian should transfer ownership of the account to the minor.
UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner.
Effective July 1, 2015, Florida Statute 710.123 allows the custodian of a UTMA account to delay effective control of the assets until age 25 rather than the automatic transfer of control when the beneficiary turns 21.
