The Georgia Transfer of Property under the Uniform Transfers to Minors Act (TMA) is a legal provision that enables individuals to transfer assets to minors. This act ensures that the assets are held in a custodial account until the minor reaches a specified age, typically 18 or 21 years old, depending on the state. Under the Georgia TMA, there are several types of transfer of property: 1. Cash and Financial Assets: Parents or legal guardians can transfer cash, bank accounts, stocks, bonds, mutual funds, and other financial assets to a custodial account for the minor's benefit. These assets are managed by a custodian until the minor comes of age. 2. Real Estate: Georgia TMA allows the transfer of real estate property to a minor. The property is transferred to a custodial account, and the custodian manages it until the minor reaches the age of majority. 3. Intellectual Property: Intellectual property rights, such as patents, trademarks, copyrights, and royalties, can also be transferred under the Georgia TMA. The custodian manages these assets on behalf of the minor until they reach the specified age. 4. Personal Property: Tangible assets like artwork, jewelry, vehicles, and other personal belongings can be transferred to a custodial account under the Georgia TMA. The custodian ensures the proper care and maintenance of these assets until the minor is of age. 5. Life Insurance Policies: Parents or legal guardians can designate a minor as the beneficiary of a life insurance policy under the Georgia TMA. The custodian manages the proceeds until the minor becomes an adult. It is important to note that once the property is transferred to the custodial account, the donor relinquishes control over it. The custodian holds and manages the assets solely for the benefit of the minor, ensuring their best interests are protected. The Georgia TMA serves as a valuable tool for estate planning, allowing individuals to make financial provisions for minors by transferring property to a custodial account. By utilizing this act, individuals can ensure that assets are properly managed and safeguarded until the minor reaches' adulthood.
Georgia Transfer of Property under the Uniform Transfers to Minors Act
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As the custodian, you can withdraw money from a custodial account if you need to use it to pay for something that will benefit the minor. You can't take the money back yourself, or give it to someone else.
Transfers made to a UGMA or UTMA account are irrevocable and belong to the child in whose name the account is registered; however, the account is controlled by the custodian until the child reaches a certain age, which varies by state (usually 18 or 21).
How is an UTMA account taxed? UTMA accounts have a few tax implications. While there are no taxes on withdrawals (since contributions are made with after-tax dollars), there may be taxes on any unearned income. Unearned income includes taxable interest, dividends, and capital gains on any assets in the account.
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.
Can You Withdraw Money From an UTMA Account? It's possible to withdraw money from an UTMA account. However, there's one essential rule you've got to bear in mind ? all withdrawals from a custodial account must be for the direct benefit of the beneficiary.
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.
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.
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.
