Illinois 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 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.
What is the Illinois Uniform Transfers to Minor Act? The Illinois Uniform Transfers to Minors Act (UTMA) allows you to make a gift to a minor child without them worrying about paying a gift tax on the asset. If you have heard of the UGMA (Uniform Gift to Minors Act), the UTMA is simply an extension.
UTMA withdrawals and tax rules 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. Can parents take money out of UTMA accounts? Yes, but only for purposes related to the minor.
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 Uniform Transfers to Minors Act (UTMA) allows a person to make a gift to a minor child that is free of tax burdens. The UTMA was formerly called the Uniform Gifts to Minors Act. Any money or property transferred under the UTMA is under the control of a custodian until the minor child reaches age 21.
If the minor has not attained the age of 14 years or fails to act within 60 days after the ineligibility, death, or incapacity, the guardian of the minor becomes successor custodian.
Property can be left to a child in a will or trust under the Illinois Uniform Transfers to Minors Act (UTMA, 760 ILCS 20/1 et seq.) Transfers under the terms of this statute are irrevocable gifts ? the minor becomes the legal owner of the property, which is managed in his or her name by someone else.
