Massachusetts Transfer of Property under the Uniform Transfers to Minors Act
Description
How to fill out Transfer Of Property Under The Uniform Transfers To Minors Act?
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FAQ
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.
Can You Withdraw Money From an UTMA Account? It's possible to withdraw money from an UTMA account. However, there's one essential rule you've got to bear in mind ? all withdrawals from a custodial account must be for the direct benefit of the beneficiary.
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.
Age of Majority and Trust Termination StateUGMAUTMAMaine2118Maryland1821Massachusetts1821Michigan181849 more rows
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.
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.
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.
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.
