Arizona Transfer of Property under the Uniform Transfers to Minors Act
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How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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FAQ
The Uniform Gifts to Minors Act (UGMA) allows money and financial securities to be transferred to minors through a UGMA account and is allowed in all states. UGMA allows the property to be gifted to a minor without establishing a formal trust.
Once the minor on a UGMA/UTMA account reaches the applicable state's age of termination, the custodian or the former minor may transfer the shares in the account(s) to the former minor's sole name. Instructions are acceptable from either the custodian or the former minor. Transfer a UGMA/UTMA when Custodianship Ends franklintempleton.com ? changing-an-account franklintempleton.com ? changing-an-account
UTMA withdrawals and tax rules UTMA accounts have no withdrawal limits. However, the funds belong to the minor from the moment of transfer, so the funds can only be used for the direct benefit of the minor.
Age of Majority and Trust Termination StateUGMAUTMAAlaska1821Arizona1821Arkansas2121California181849 more rows Age of Majority and Trust Termination - FinAid.org finaid.org ? savings ? ageofmajority finaid.org ? savings ? ageofmajority
The UTMA incorporated the provisions of the UGMA and expanded the nature of property which could be gifted or transferred to minors through custodianship. Under the UTMA, any kind of property, real or personal, tangible or intangible can be transferred to a custodian for the benefit of a minor. POMS: SI SF01120.205 - Uniform Gifts to Minors Act (UGMA ... Social Security Administration (.gov) ? poms.nsf ? lnx Social Security Administration (.gov) ? poms.nsf ? lnx
A Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account is an account into which property is set aside for a minor's benefit. Whether a UGMA or UTMA account is used depends on the law of the state in which the account is established. What is a UGMA or UTMA Account? - HelpWithMyBank.gov helpwithmybank.gov ? investments-trusts helpwithmybank.gov ? investments-trusts
Generally, the UTMA account transfers to the beneficiary when they become a legal adult, which is usually age 18 or 21, but it can be later. The age of adulthood may be defined differently for custodial accounts, like UTMAs or 529 plans, depending on your state.
529 plans and Coverdell Education Savings Accounts offer greater tax advantages than UGMA / UTMAs for saving larger amounts of money, but they all require expenditures on education. If you want an account that offers more flexibility in how you spend the money, an UGMA / UTMA might be the right fit.
