West Virginia 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
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.
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed ...
529 plans and Coverdell Education Savings Accounts offer greater tax advantages than UGMA / UTMAs for saving larger amounts of money, but they all require expenditures on education. If you want an account that offers more flexibility in how you spend the money, an UGMA / UTMA might be the right fit.
An account designated as subject to the Texas Uniform Transfers to Minors Act (TUTMA) is a single party account for a 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.
We offer TUTMA, Texas Uniform Transfers to Minors Accounts, which allow parents or grandparents to set up a custodial account for a minor from birth to age 17.
A Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) account is an account into which property is set aside for a minor's benefit. Whether a UGMA or UTMA account is used depends on the law of the state in which the account is established.
Age of Majority and Trust Termination StateUGMAUTMAVirginia1818Washington2121West Virginia1821Wisconsin182149 more rows
