Puerto Rico Transfer under the Uniform Transfers to Minors Act - Multistate Form
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FAQ
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 Transfers to Minors Act (UTMA) allows a minor to receive gifts without the aid of a guardian or trustee. The law is an extension of the Uniform Gift to Minors Act. The minor named in the UTMA can avoid tax consequences until they attain legal age for the state in which the account is set up.
Anyone can contribute to a UTMA account, but their contribution is considered an irrevocable gift. This means only the custodian has the right to withdraw funds, and it has to be for the child's benefit.
Gifts are irrevocable: Contributions to a custodial account are considered irrevocable?meaning you can't get that money back?and funds can be withdrawn by the custodian only to pay for expenses that would directly benefit the child before the age of majority.
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.
You can use an UTMA accounts to invest in typical securities, like stocks, bonds, mutual funds, and ETFs. These accounts can also hold life insurance policies and real estate property, as well as other assets like royalties, patents, and fine art.
Check cashing is not permitted on UTMA Custodianships. No direct transfers may be made to accounts without minor's name. Custodian may not grant power of attorney over this account. UTMA Custodianships can only be a Savings or Certificate of Deposit 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.
