The Oregon Transfer of Property under the Uniform Transfers to Minors Act (TMA) is a legal mechanism that allows individuals to transfer property and assets to a minor child without the need for a formal trust. The TMA provides a straightforward and efficient way to manage and protect assets for the benefit of a minor until they reach adulthood. Under the Oregon TMA, there are several types of transfers that can be made: 1. Real Estate Transfers: The TMA allows for the transfer of real estate to a minor child. This can include residential properties, commercial properties, and vacant land. The transfer is made by executing a deed that specifies the minor as the beneficiary, and a custodian is appointed to manage the property until the minor reaches the age of majority. 2. Financial Account Transfers: The TMA also allows for the transfer of financial accounts, such as savings accounts, checking accounts, and investment accounts, to a minor. The account is established in the minor's name, with a custodian named to oversee the account until the minor becomes an adult. 3. Securities Transfers: The TMA permits the transfer of stocks, bonds, mutual funds, and other securities to a minor child. These transfers are typically made by re-registering the securities in the minor's name, with the custodian named to manage and make investment decisions on behalf of the minor. 4. Personal Property Transfers: Under the TMA, personal property such as artwork, jewelry, vehicles, and other valuable items can also be transferred to a minor. The custodian is responsible for safeguarding and managing these assets until the minor reaches' adulthood. The Oregon TMA provides flexibility in determining when the minor will receive full control and ownership of the transferred property. The Act allows for three different age options: 18 years old, 21 years old, or 25 years old. The transferor can specify the age at which the minor will gain full control over the assets. It is important to note that once the property is transferred under the Oregon TMA, it becomes the property of the minor child. The custodian has a fiduciary duty to act in the best interest of the minor and manage the assets prudently. In conclusion, the Oregon Transfer of Property under the Uniform Transfers to Minors Act provides a convenient and efficient way for individuals to transfer property to a minor child. Whether it is real estate, financial accounts, securities, or personal belongings, the TMA offers a legal framework to protect and manage these assets until the minor reaches' adulthood.
Oregon Transfer of Property under the Uniform Transfers to Minors Act
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FAQ
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.
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.
Under the rules of the UTMA, the assets belonging to the minor are controlled by a ?custodian? until the minor reaches a specified age. The parent will decide in his or her will the age at which the funds must be transferred from the custodian to the child, but can choose only an age between 18 and 25.
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.
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.
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.
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.
