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Financing for college with the Uniform Transfers to Minors Act

They invest $10,000 in an investment plan titled "under the Uniform Transfers to Minors Act." A parent may be the custodian of the plan, but income earned is gross income to the child unless it is used to provide for the Parkers' support obligations for Susie, such as food. The $10,000 is invested in a high-quality mutual fund or exchange ...

General Statute Chapters - North Carolina General Assembly

North Carolina Uniform Transfers to Minors Act. Chapter 33B. North Carolina Uniform Custodial Trust Act. Chapter 34. Veterans' Guardianship Act. Chapter 35. Sterilization Procedures. ... Tender Offer Disclosure Act. Chapter 78C. Investment Advisers. Chapter 78D. Commodities Act. Chapter 79.

What is the Texas Uniform Transfers to Minor? - Answers

The Texas Uniform Transfer to Minors Act (TUTMA) provides a solid legal framework for opening a minor account which protects the child, provides guidance to the adult and to …

West ia Code | §36-7-9

ARTICLE 7. UNIFORM TRANSFERS TO MINORS ACT. §36-7-9. Manner of creating custodial property and effecting transfer; designation of initial custodian; control. (a) Custodial property is created and a transfer is made whenever: (1) An uncertificated security or a certificated security in registered form is either: (i) Registered in the name of ...

TRANSFERS TO MINORS In this chapter, unless the context ...

A transfer that purports to be made and which is valid under the uniform transfer to minors Act, the uniform gifts to minors Act, or a substantially similar Act, of another state is governed by the law of the designated state and may be executed and is enforceable in this state if at the time of the transfer, the

Letter of Transmittal (for Ownership Statement Holders)

3. Custodian account of a minor (Uniform Gift to Minors Act or Uniform Transfers to Minors Act) (The minor) 4. a. The usual revocable savings trust (Grantor is also trustee) (The grantor-trustee) b. So-called trust account that is not a legal or valid trust under state law (The actual owner) 5. …

Maine Adopts RUUPA Inspired Act ME S 481

Uniform Gifts to Minors Act or Uniform Transfers to Minors Act is presumed abandoned 3 years after the later of the second RPO (as long as it was sent 30 days after the first RPO) and the date on which the custodian is required to transfer the property to the minor or the minor's estate in accordance with the UGMA or UTMA of the state in which ...

Uniform Transfers to Minors Act (UTMA) Definition

The Uniform Transfers to Minors Act allows a minor to receive gifts without the aid of a guardian or trustee. The minor can avoid tax consequences until they attain legal age for the state.

Mailing Address: Principal Life UTMA Beneficiary Des ...

transfer funds to a custodian in any state for the benefit of a minor in any state if the beneficiary designation specifies that the transfer shall be made under the Iowa Uniform Transfers to Minors Act. The Iowa Uniform Transfers to Minors Act defines a …

Codes Display Text - California

3900. This part may be cited as the "California Uniform Transfers to Minors Act.". (Enacted by Stats. 1990, Ch. 79.) 3901. (a) "Adult" means an individual who has attained the age of 18 years. (b) "Benefit plan" means an employer's plan for the benefit of an employee or partner. (c) "Broker" means a person lawfully engaged in ...

Minors as Investors Under the Uniform Transfers to Minors Act

The Uniform Transfers to Minors Act was created in 1986 by the National Conference of Commissioners on Uniform State Laws to expand and replace the Uniform Gifts to Minors Act (UGMA). Widely accepted in the U.S., UTMA has been adopted by every state but one (South Carolina) as well as the District of Columbia and the U.S. Islands.

Uniform Transfers to Minors Act financial definition of ...

An extension of the Uniform Gifts to Minors Act allowing assets other than cash or securities to be considered gifts. Specifically, this extension was intended to allow gifts of property to persons under 18 or 21 (depending on the jurisdiction).

SSA - POMS: PR 07215.006 - California - 02/06/2004

The State has adopted the Uniform Transfers to Minors Act (UTMA), which sets forth language to be used where custodians are taking title to property which is transferred to minors; generally, language to the effect that property is being held by a named custodian on behalf of a minor, identified as such, under UTMA is acceptable for that purpose.

Statutes & Constitution :View Statutes : Online Sunshine

UNIFORM TRANSFERS TO MINORS ACT. I, (name of transferor or name and representative capacity if a fiduciary) hereby transfer to (name of custodian), as custodian for (name of minor) under the Florida Uniform Transfers to Minors Act, the following: (insert a …

Massachusetts Uniform Transfers To Minors Act - US Legal Forms

Transfer Under The Massachusetts Uniform Transfers to Minors Act: This form simply states that a transfer of land, and/or other property, has been made to a minor. Until the minor comes of age, the property will be taken care of by his/her Custodian. This form …

Nebraska Legislature

(name of minor) under the Nebraska Uniform Transfers to Minors Act; or (g) An interest in any property not described in subdivisions (a) through (f) of this subsection is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in subsection (2) of this section.

Three-Year Minimum Series 27 - Solomon Exam Prep

Series 79 - 13.2.2. Modified Dutch Auction Tender Offers. Series 66 - Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) Accounts. Series 26 - Settlement of Mutual Fund Share Transactions. Series 14 - 10.6. Distribution of Third-Party Research Reports.

Uniform Transfers to Minors Act (UTMA) Definition ...

The Uniform Transfers to Minors Act allows a minor to receive gifts without the aid of a guardian or trustee. The minor can avoid tax consequences until they attain legal age for the state. The donor can name a custodian, who has the fiduciary duty to manage and invest the property on behalf of the minor until they become of legal age.

Part 9. California Uniform Transfers To Minors Act ...

Part 9. California Uniform Transfers To Minors Act PROBATE CODE SECTION 3900-3925 3900. This part may be cited as the "California Uniform Transfers to Minors Act." 3901. In this part: (a) "Adult" means an individual who has attained the age of 18 years. (b) "Benefit plan" means an employer's plan for the benefit of an employee or partner.

SI SEA01120.205 The Legal Age of Majority for Uniform ...

SI SEA01120.205 The Legal Age of Majority for Uniform Transfer to Minors Act (UTMA) A. General Per SI 01120.205, a gift made under UTMA/UGMA is neither income nor a resource to the minor until he or she attains the age of majority as defined by State law.

Code of ia Code - Chapter 19. ia Uniform ...

2. The instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state, and the application of this chapter is necessary to validate the transfer. 1988, c. 516, § 31-57; 2012, c. 614.

No. 7. An act relating to the Uniform Transfers to Minors Act.

Uniform Transfers to Minors Act, the Uniform Gifts to Minors Act, or a substantially similar act of another state is governed by the law of the designated state, and may be executed and is enforceable in this State if, at the . No. 7 Page 4 of 22 2015 VT LEG #307972 v.1

Legislation | NY State Senate

UNIFORM TRANSFERS TO MINORS ACT Section 7-6.1 Definitions. 7-6.2 Scope and jurisdiction. 7-6.3 Nomination of custodian. 7-6.4 Transfer by gift or exercise of power of appointment. 7-6.5 Transfer authorized by will or trust. 7-6.6 Other transfer by fiduciary. 7-6.7 Transfer by obligor. 7-6.8 Receipt for custodial property.

Uniform Transfers to Minors Act (UTMA) Account …

REQUEST TO OPEN UNIFORM TRANSFERS TO MINORS ACT (UTMA) ACCOUNT The Washington Uniform Transfers to Minors Act (UTMA) provides that an adult may establish an account for the benefit of a minor under the age of 25, and appoint an adult custodian to manage the account.

Uniform Transfers Minors Act - US Legal Forms

UGMA and UTMA accounts allow parents to save money and invest, maintain full control until their child is an adult. UTMA stands for Uniform Transfers to Minors Act, and UGMA stands for Universal Gifts to Minors Act. Both accounts allow you to transfer financial assets to a minor without establishing a trust.

Custodial Accounts: Pros and Cons - Investment Insights

Uniform Gift to Minors Act (UGMA) accounts can hold most types of financial assets, including things like cash, stocks, bonds, annuities, and insurance policies. But they are limited to these liquid assets. All 50 US states allow UGMA accounts. Uniform Transfers to Minors Act (UTMA) accounts can hold any sort of asset. That includes alternative ...

Uniform Transfers to Minors Act Chapter 5a Enacted by ...

Uniform Transfers to Minors Act 75-5a-101 Short title. This part is known as the "Uniform Transfers to Minors Act." Enacted by Chapter 272, 1990 General Session 75-5a-102 Definitions. As used in this part: (1) "Adult" means an individual who is 21 years of age or older. (2) "Benefit plan" means an employer's plan for the benefit of an employee ...

Uniform Transfers To Minors Act :: Estates, Powers and ...

2006 New York Code - Laws: Estates, Powers and Trusts: (7-6.1 - 7-6.26) Uniform Transfers To Minors Act Part 6 - UNIFORM TRANSFERS TO MINORS ACT 7-6.1 - Definitions 7-6.2 - Scope and jurisdiction 7-6.3 - Nomination of custodian 7-6.4 - Transfer by gift or exercise of power of appointment 7-6.5 - Transfer authorized by will or trust

SSA - POMS: SI 01120.205 - Uniform Transfers to Minors Act ...

Uniform Transfers to Minors Act. Although transfers under the UTMA are irrevocable and convey legal title to the minor, you may encounter a situation where the custodian takes possession of the UTMA property or closes the UTMA account just prior to the time the minor reaches the age or majority contrary to State law.

Transfers to Minors Act - Uniform Law Commission

Final Act with Comments: Uniform Transfers to Minors Act 147 KB 1 version Uploaded - 10-24-2019 . Download Contact Us (312) 450-6600. [email protected] Uniform Law Commission 111 N. Wabash Avenue, Suite 1010 Chicago, Illinois 60602 ...

Montana Uniform Transfers to Minors Act Custodial …

The Montana Uniform Transfers to Minors Act (UTMA) allows for a custodial account as one alternative for a parent or other adult who wants to make gifts of assets during life, bequests with a will, or distributions from a trust for the benefit of a child who is under 21 years

Chapter 33A - North Carolina Uniform Transfers to Minors Act.

Chapter 33A - North Carolina Uniform Transfers to Minors Act. The General Statutes include changes through July 13, 2020. General Statutes published on this website are not official. Please read the caveats for more information.

A custodial account is a financial account that parents ...

Uniform Transfers to Minors Act (UTMA) accounts can hold any sort of asset. That includes alternative investments like real estate, intellectual property, artwork, and collectibles.