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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 ...
Under the UGMA or UTMA, the ownership of the funds works like it does with any other trust and the donor must appoint a custodian (the trustee) to look after the account for the benefit of the beneficiary. [citation needed] Until 1986, a UGMA or UTMA account allowed the assets to be taxed at the minor's income tax bracket. Tax law changes in ...
Here’s how custodial accounts work.
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1]
Continue reading ->The post How a UTMA Compares to a 529 Plan appeared first on SmartAsset Blog. The cost of higher education has skyrocketed over the last few decades, and shows no signs of ...
Certain accounts stand out for long-term wealth-building thanks to their favorable tax treatment. A Roth IRA is at the top of the list. It lets your investments grow tax-free, and you won’t owe ...
If you use a 3rd-party email app to access your AOL Mail account, you may need a special code to give that app permission to access your AOL account. Learn how to create and delete app passwords. Account Management · Apr 17, 2024
In April 2019, Massachusetts became the 16th U.S. state to ban conversion therapy on LGBT minors. [5] [6] Massachusetts is home to a vibrant and visible LGBT culture. Boston, the state capital, has been ranked one of the most LGBTQ-friendly cities in the United States, [7] noted for its LGBT dating scene, events, nightlife, clubs and bars.