Illinois Transfer under the Uniform Transfers to Minors Act - Multistate Form
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FAQ
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.
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.
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.
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.
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.
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.
