Oklahoma 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
Because money placed in an UGMA/UTMA account is owned by the child, earnings are generally taxed at the child's?usually lower?tax rate, rather than the parent's rate. For some families, this savings can be significant. Up to $1,050 in earnings tax-free. The next $1,050 is taxable at the child's tax rate.
What Is the UTMA? Similar to the Uniform Gift to Minors Act (UGMA), the UTMA is simply a custodial account that holds and protects assets for a minor until that minor reaches the age of majority in his/her state.
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.
If you want to transfer cash, stocks, or bonds, a UGMA would fit the purpose. If you want to transfer real estate, or if you want more flexibility in how the assets are used, then a UTMA may be the better option.
Cons. Greater impact on financial aid. Because they're held in the name of the child, UTMA/UGMA accounts hurt financial aid eligibility more than comparable 529 plans. Money becomes the child's at majority.
Age of Majority and Trust Termination StateUGMAUTMANorth Carolina1821North Dakota1821Ohio1821Oklahoma211849 more rows
The Uniform Transfers to Minors Act was established in 1986, and it has been adopted in most states, including Oklahoma. These accounts mirror the UGMA accounts in every way except for the fact that any type of property can be transferred into a UTMA account. Another difference is the age of majority and termination.
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.
