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The age is generally 21, but is different in some states (usually 18 in those cases). [2] [full citation needed] In 2015 Florida passed a statute allowing the account to remain with the custodian until age 25 if desired. In the interim, the custodian can also make payments for the benefit of the minor out of the corpus of the gift.
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 ...
If the social media platform fails to terminate an account after a request from a minor account holder or their parent or guardian is liable for up to $10,000 in damages, plus attorney fees and ...
Account Status. Once the child reaches the age of majority–18 or 21–the custodial Roth IRA becomes a Roth IRA. At this point, the custodian no longer has decision making authority over the ...
In a 106-13 vote, the Florida House voted Wednesday on a bill that would ban social media use for minors under the age of 16.. Known as HB 1, the bill would require social media platforms to ...
Custodial accounts come in a number of forms, one being an account set up for a minor, since the minor is under the legal age of majority. The custodian is often the minor's parent. In the U.S., this type of account is often structured as a Coverdell ESA, allowing for tax-advantaged