Kentucky 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
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.
UTMA withdrawals and tax rules UTMA accounts have no withdrawal limits. 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.
The UTMA allows property of any kind to be set aside for the benefit of a minor. In Kentucky, a minor is anyone under 18. Whoever sets the property aside for a minor chooses the person who will be responsible for the property until the minor reaches 18. This person is called the custodian.
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.
It's called the Uniform Transfers to Minors Act (UTMA), a type of custodial account that allows parents or other caretakers to pay expenses for anything child-related, including tuition.
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.
Once the minor on a UGMA/UTMA account reaches the applicable state's age of termination, the custodian or the former minor may transfer the shares in the account(s) to the former minor's sole name. Instructions are acceptable from either the custodian or the former 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.
