Minnesota 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
Finally, note that, unlike a 529, which can only be funded through cash contributions, a UTMA account can be funded through a variety of methods, including stocks, bonds, mutual funds, and cash. UTMAs can also even include fine art or property for a minor beneficiary.
The Uniform Transfers to Minors Act (UTMA) expanded on the Uniform Gifts to Minors Act allowing all kinds of property such as bonds, real estate, and art to be transferred to minors and was adopted by most states. UTMA allows the property to be gifted to a minor without establishing a formal trust.
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.
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.
The law specifies that whenever an asset is transferred to a minor either through a will, or by some other means ? such as passing away without a will with a minor as the beneficiary - and it is not specified who should manage the asset for the minor, a judge will determine who the custodian of the asset is.
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.
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.
