Mississippi 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
Use this form to transfer the custodianship of a Uniform Gifts to Minors Act (?UGMA?) or Uniform Transfers to Minors Act (?UTMA?) account when the minor has reached the age of majority under appropriate state law.
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.
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.
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.
Under the UTMA, the minor is precluded from making any withdrawals until reaching the age of 21, not 18. Once the minor has reached the age of 21, the custodian should transfer ownership of the account to the minor.
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.
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.
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.
The UGMA is sometimes called the Uniform Transfers to Minors Act. The donee automatically receives control of the assets when he/she reaches the age of majority established by state law (age 21 in Mississippi). A custodian of UGMA assets cannot legally use any of the funds for his/her own personal benefit.
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.
