Texas Gift of Unregistered Securities pursuant to the Uniform Gifts to Minors Act
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How to fill out Gift Of Unregistered Securities Pursuant To The Uniform Gifts To Minors Act?
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Texas Uniform Transfers to Minors Act (TUTMA) Texas law protects minors by allowing assets gifted to minors to be held in a special custodial account until the recipient reaches the age of 21.
Age of Majority and Trust Termination StateUGMAUTMASouth Carolina18N/ASouth Dakota1818Tennessee1821Texas182149 more rows
Once the child reaches a specified age set by the state, the child will have full control over the property. Gifts to the minor are exempted up to $15,000 a year from Federal taxes, but the minor will be required to pay taxes beyond this amount.
Texas. The statutory age of majority for UTMA purposes is 21 for transfers by irrevocable gift or pursuant to a will or trust. The UTMA age of majority for transfers other than by gift, will, or trust is set as the State's standard age of majority, which is 18.
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.
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.
How does an UTMA account work? An adult opens the UTMA account and contributes to it on behalf of a minor beneficiary. The custodian manages the account until the minor comes of age. All custodial assets transfer to the UTMA beneficiary.
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. At that time, all remaining funds in the account are turned over to the beneficiary, free from further court supervision or management.
