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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 ...
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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 treatment of educational expenses. Another form is a trust account owned by an individual or institution, managed by a named party for purposes of rapid distribution of funds in that account. This is ...
In the settlement terms, channel operators that failed to mark videos as "child-oriented" could be fined by the FTC for up to $42,530 per video, [36] which has raised criticism towards the settlement terms. [37] [38] The decision came in terms that, despite good faith, created many issues among the content creators on the site.
Cash App customers may be able to claim more than $2,500 each as part of a $15 million class-action settlement for data and security breaches at the mobile payment service.
A federal judge on Thursday temporarily blocked Arkansas from enforcing a new law that would have required parental consent for minors to create new social media accounts, preventing the state ...
Here are five investments that you should consider avoiding in any of your taxable accounts. 1. Taxable bonds. Taxable bonds and bond funds can be a great way to generate income from your ...
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 ...