Kansas Transfer under the Uniform Transfers to Minors Act - Multistate Form
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How to fill out Transfer Under The Uniform Transfers To Minors Act - Multistate Form?
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FAQ
Funds can be used for any purpose, not just education expenses. Tax implications vary based on the balance of the account and the parents' income, a tax professional can outline the considerations for your situation. UGMAs terminate and the assets are turned over to the beneficiary at age 18.
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.
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.
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 I use the account to buy a car for my child? Or to send the child to private school? Yes, you are allowed to use UTMA accounts for items included in a support obligation, regardless of what you read elsewhere. Does the minor have an absolute right to the money?
You can use an UTMA accounts to invest in typical securities, like stocks, bonds, mutual funds, and ETFs. These accounts can also hold life insurance policies and real estate property, as well as other assets like royalties, patents, and fine art.
Can parents take money out of UTMA accounts? Yes, but only for purposes related to the minor. UTMA accounts aren't tax-exempt, so you'll need to file taxes each year on income on the UTMA. Earnings need to be reported either on the child's tax return at a lower tax rate or on the parents' tax return at their rate.
Both Kansas and Missouri have adopted a Uniform Transfer to Minors Act (UTMA), which provides a simplified way to irrevocably gift or transfer property to be held in custodianship for the benefit of a child. For the purposes of these laws, a child is any person under the age of 21.
