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Because money placed in an UGMA/UTMA account is owned by the child, earnings are generally taxed at the childsusually lowertax rate, rather than the parents rate. For some families, this savings can be significant. Up to $1,050 in earnings tax-free. The next $1,050 is taxable at the childs tax rate.
UTMA allows the property to be gifted to a minor without establishing a formal trust . The donor or a custodian manages the property for the minors benefit until the minor reaches a certain age. Once the child reaches a specified age set by the state, the child will have full control over the property.
The major advantage of a UGMA/UTMA 529 plan is that you may be eligible for more financial aid, on top of any scholarships, loans, etc. you may also be receiving. The major disadvantage is that youll lose the ability to use the money for purposes other than education.
When making your decision between a 529 college savings plan and a UGMA/UTMA account, the first question to consider is how you want your contributions to be used. Funds in a 529 account are exclusively intended for education expenses, while funds in a UGMA/UTMA can be used for any purpose.
The Uniform Transfers to Minors Act (UTMA) allows a minor to receive gifts without the aid of a guardian or trustee. The law is an extension of the Uniform Gifts to Minors Act. The minor named in the UTMA can avoid tax consequences until they attain legal age for the state in which the account is set up.
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