District of Columbia 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
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.
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. At that time, all remaining funds in the account are turned over to the beneficiary, free from further court supervision or management.
Depending on the state a UTMA account is handed over to a child when they reach either age 18 or age 21. In some jurisdictions, at age 18 a UTMA account can only be handed over with the custodian's permission, and at 21 is transferred automatically.
UTMA allows the property to be gifted to a minor without establishing a formal trust. The donor or a custodian manages the property for the minor's benefit until the minor reaches a certain age. Once the child reaches a specified age set by the state, the child will have full control over the property.
The child then has all control over the assets in this account, and can choose to do with the money whatever they see fit. UTMA accounts are not specifically meant for college education, but can be used for that purpose as long as the child uses it for that purpose when they reach ownership age.
Cons Of Uniform Gift to Minors Act & Uniform Transfers to Minors Act Account No tax advantages for contributions. UGMA and UTMA plans offer no tax advantages for ?contributions?. ... No oversight for the use of funds. ... Limited tax advantages on income.
The Washington Uniform Transfers to Minors Act (UTMA) provides that an adult may establish an account for the benefit of a minor under the age of 25, and appoint an adult custodian to manage the account.
If you later have second thoughts after putting money into and maybe even having set up the account, you can't cancel or reverse the UTMA or take your money back. Still, there are certain things you can do to change the nature of your gift and the way the child can access it when they reach the legal age.
