Colorado 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
Who should consider an UGMA/UTMA account? Anyone can contribute up to $17,000 per child each year free of gift-tax consequences ($34,000 for married couples). This amount is indexed for inflation and may increase over time. Because contributions are made with after-tax dollars, a deduction cannot be taken.
UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner. To get an account application, contact your financial professional or find one by using our financial professional locator. For additional assistance, contact us.
Also, since UGMA and UTMA accounts are in the name of a single child, the funds are not transferrable to another beneficiary. For financial aid purposes, custodial accounts are considered assets of the student. This means that custodial bank and brokerage accounts have a high impact on financial aid eligibility.
The Uniform Gift to Minors Act prohibits the minor from taking control of the gifted assets until age 18, 21, or 25 depending on the state. In Colorado, the age is 21. A gift transferred to an UTMA account is considered irrevocable, meaning it cannot be taken back.
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.
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.
The Uniform Gift to Minors Act (UGMA) was created to provide a means by which title to property could be passed to minors by use of a custodian. The nature of property which could be transferred under the UGMA was limited to securities, cash or other personal property.
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.
