Uniform Transfers With No Fee
Description
How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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FAQ
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.
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.
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.
First, for a UTMA account, the parents and other contributors can add any type of assets, such as stocks, bonds, art, and other financial and physical assets. The greater range allows the child to receive varying returns on their financial assets, which diversifies their risk and maximizes their potential for profit.
Anyone can contribute to a UTMA account, but their contribution is considered an irrevocable gift. This means only the custodian has the right to withdraw funds, and it has to be for the child's benefit. The custodian has a fiduciary duty to act in the child's best interest.
