District of Columbia Transfer under the Uniform Transfers to Minors Act - Multistate Form

State:
Multi-State
Control #:
US-00992-BZ
Format:
Word; 
Rich Text
Instant download

Description

This form is a Transfer under the Uniform Transfers to Minors Act. It is a multistate form for use anywhere the multistate act is in effect. Adapt to fit your needs and circumstances.

How to fill out Transfer Under The Uniform Transfers To Minors Act - Multistate Form?

If you have to complete, acquire, or print out legal papers themes, use US Legal Forms, the most important assortment of legal forms, which can be found on-line. Use the site`s easy and handy research to obtain the files you need. A variety of themes for company and individual functions are sorted by categories and claims, or key phrases. Use US Legal Forms to obtain the District of Columbia Transfer under the Uniform Transfers to Minors Act - Multistate Form within a few clicks.

In case you are currently a US Legal Forms buyer, log in for your account and click on the Down load switch to obtain the District of Columbia Transfer under the Uniform Transfers to Minors Act - Multistate Form. Also you can gain access to forms you earlier downloaded from the My Forms tab of your own account.

Should you use US Legal Forms for the first time, follow the instructions under:

  • Step 1. Be sure you have chosen the form for your right city/country.
  • Step 2. Take advantage of the Preview solution to check out the form`s articles. Don`t forget to learn the explanation.
  • Step 3. In case you are unhappy together with the type, make use of the Research field near the top of the display to find other versions of the legal type design.
  • Step 4. When you have found the form you need, click the Purchase now switch. Opt for the costs strategy you like and include your qualifications to register to have an account.
  • Step 5. Procedure the deal. You can use your credit card or PayPal account to perform the deal.
  • Step 6. Select the format of the legal type and acquire it on your gadget.
  • Step 7. Complete, revise and print out or indicator the District of Columbia Transfer under the Uniform Transfers to Minors Act - Multistate Form.

Each and every legal papers design you acquire is your own for a long time. You have acces to every single type you downloaded within your acccount. Go through the My Forms area and decide on a type to print out or acquire again.

Remain competitive and acquire, and print out the District of Columbia Transfer under the Uniform Transfers to Minors Act - Multistate Form with US Legal Forms. There are thousands of skilled and express-certain forms you may use to your company or individual needs.

Form popularity

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.

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.

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.

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.

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.

The custodian can spend or invest the money in the UTMA account at their discretion, as long as it's for the minor's benefit. This covers a wide range of expenses, including education, transportation, and extracurricular activities like music lessons or summer camp for the beneficiary.

To open an UTMA (Uniform Transfers to Minors Act) account, we will need the following: Completed and signed Membership Application(s) (for the minor child). Please sign the form as Your Name, Custodian FBO Minor Child's Name. Completed and signed Fiduciary Account Application(s).

Trusted and secure by over 3 million people of the world’s leading companies

District of Columbia Transfer under the Uniform Transfers to Minors Act - Multistate Form