WebDec 12, 2024 · In reality, UTMA’s are often more complicated and risky than they seem. With a UTMA account, you name a custodian – often another family member – to hold … WebIn February and June, I wrote about two options available to an UTMA Account Custodian. A Custodian may consider moving the UTMA property to a 529 Plan or to a Trust. Here I will discuss moving UTMA property to a Limited Liability Company ("LLC") or Limited Partnership. For purposes of this entry, LLC shall refer to both entities.
Why UTMA Accounts Are Not As Simple As They Seem
WebSep 12, 2024 · All money put into a custodial brokerage account becomes irrevocably your child’s. That means you can’t withdraw money for your own personal use after you’ve contributed it. While you can technically withdraw money from a custodial account before your child reaches the age of majority, you can only do so for the direct benefit of the child. WebJun 16, 2010 · In February, I wrote about moving an UTMA account to a qualified Tuition Program under §529 of the Internal Revenue Code (a "529 Plan"). Other options may also exist. For example, a Custodian of an UTMA account may want to create a Trust and … free printable punch cards download
UTMA Accounts Explained: Rules, Custodial Brokerages and More
WebOct 10, 2024 · The Uniform Transfers to Minors Act, or UTMA, is a law that allows minors to receive gifts without the need to establish a separate trust. As long as there is an appointed adult custodian to ... WebApr 11, 2024 · The two types of accounts are very similar, although an UTMA can hold a wider range of investments, including real estate and fine art. 1. When states began rolling out 529 college savings plans ... Weban UTMA account is not a trust and does not impose trustee duties and liabilities on the custodian.16 The Colorado statuto-ry UTMA language cited above supports this position. The custodian of an UTMA account may use “so much of the custodial proper-ty as the custodian considers advisable for the use and benefit of the minor, without free printable puppet templates