Indiana 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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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 term Uniform Transfers to Minors Act (UTMA) refers to a law that allows a minor to receive gifts without the aid of a guardian or trustee. Gifts can include money, patents, royalties, real estate, and fine art.
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.
Depending on the state and account specifications, the beneficiary of an UGMA or an UTMA could receive the money in the account between age 18 to age 25. UTMAs allow virtually any asset to be transferred, while UGMAs only allow securities, insurance policies, and cash.
While this statement may seem broad, it excludes parental obligations such as child support from being taken from the minor's UTMA account. However, generally acceptable uses of funds are to pay private school tuition, or send a child to summer camp.
UTMA: PUTTING MINORS IN TITLE TO REAL PROPERTY The Uniform Transfers to Minors Act (UTMA) allows a person to convey land to minors, while having the property well cared for until the minor reaches a suitable age. Related versions of UTMA have been adopted in Illinois, Indiana, and Wisconsin.
These funds can be used to help pay for college, down payment on a home, or even starting a new business. However, once the child has reached the age of trust termination, the funds can be used for anything.
As noted above, there are many types of property that can be transferred to minors, including: Cash. Stocks and bonds. Patents. Royalties. Real estate. Fine art. Mutual funds and other investments. Intellectual property1.
