Similar to the Uniform Gifts to Minors Act, this law permits the transfer of gifts in addition to cash and securities (such as real estate or art) to children, while maintaining custodial control over the account. See our article Investing for Kids.
these laws provide donors with a means to transfer property to minors via a custodian
A statute that allows gifts to minors through a custodian for the minor. The statute replaced the Uniform Gifts to Minors Act in most states.
A law adopted by all states and similar to the Uniform Gifts to Minors Act, allowing irrevocable transfer of gifts besides money (ranging from real estate and fine art to patents and royalties) to a minor via a simple custodial account. The UTMA either supplements or replaces the UGMA, depending on the state.
Statutory provisions which allow a transfer of assets to a custodian to be held for the benefit of a minor child.
A method of holding property for the benefit of a minor. It is simple to set up, but less flexible than a 2503(c) trust or Crummey trust.
An Act that governs the transfer and gifting of property to a minor as well as a custodian's responsibilities and duties concerning management of the property until the minor reaches the age of "majority." Applicable state law defines the age of majority for a minor. In many states, this act has replaced the Uniform Gifts to Minors Act.
A law enacted in most states that permits an adult (the custodian) to own property for the exclusive benefit of a minor until the minor reaches an age specified in the law (age 21), at which time he/she becomes the owner of the property.
A law similar to the Uniform Gifts to Minors Act that extends the definition of gifts to include real estate, paintings, royalties, and patents.
Legislation that allows for postponement of the transfer of assets to the former minor's control beyond the age of majority.
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 most U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service requirements for qualifying a gift of up to $12,000 for exclusion from the estate tax. It is an extension of the Uniform Gifts to Minors Act (UGMA).
