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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 guardian for the minor, and which satisfies the Internal Revenue Service ...
This allows a minor in the United States to have property set aside for the minor's benefit and may achieve some income tax benefit for the child's parents. Once the child reaches the age of maturity (18 or 21 depending on the state), the assets become the property of the child and the child can use them for any purpose.
Transfer the property to themselves and then sell it and pocket the cash, or get a cash-out refinance mortgage on it, pocket the money, and never make a payment Find a buyer and sell the property ...
Properties that are sold on the basis of equitable title have a legal chain of title intact, and a recorded transfer with the local municipality. Legal title is actual ownership of the property as when the property has been bought, the seller paid in full and a deed or title is properly recorded. Equitable title separates from legal title upon ...
When you receive property from a trust, you have three primary options: occupy the home, sell it or rent it out.Each choice has its pros and cons. For example, if you receive a home without a ...
Compensation: What a Realtor is paid for helping you sell or buy a home. Commonly a percentage of the sale price or a set dollar amount. Commonly a percentage of the sale price or a set dollar amount.