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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 ...
Planning for a child's education requires careful consideration of several factors, including asset ownership, tax implications (including FICA taxes) and financial aid eligibility. Two popular...
They can now cover K–12 private school tuition and up to $10,000 to pay off the beneficiary’s student loans. ... Custodial account (UGMA/UTMA) ... These accounts come with some useful tax ...
UGMA accounts do not have the same tax advantages as Roth IRAs but offer greater flexibility for accessing funds before retirement. A custodial Roth IRA is a retirement savings account for minors ...
It is a more flexible extension of the Uniform Gifts to Minors Act (UGMA), and allows the gifts to be real estate, inheritances, and other property. [citation needed] The Act allows the donor of the gift to transfer title to a custodian who will manage and invest the property until the minor reaches a certain age. The age is generally 21, but ...
The tax rates displayed are marginal and do not account for deductions, exemptions or rebates. The effective rate is usually lower than the marginal rate. The tax rates given for federations (such as the United States and Canada) are averages and vary depending on the state or province. Territories that have different rates to their respective ...
UGMA/UTMA accounts: Custodial accounts allow you to save on behalf of your child, but they don’t have the same tax advantages as a 529 plan. And once the child reaches the age of maturity (18 or ...
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