Transfer Under the Alaska Uniform Transfers to Minors - Alaska: Fill out & sign online

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What is the purpose of an UTMA Transfers to Minors Act?

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 docHubes a certain age. Once the child docHubes a specified age set by the state, the child will have full control over the property.

Can you transfer an UTMA account?

UGMA/UTMA account assets can be transferred into a new account established by the now adult beneficiary as a sole or joint owner. To get an account application, contact your financial professional or find one by using our financial professional locator. For additional assistance, contact us.

Do UTMA accounts have to be transferred?

UGMA/UTMA brokerage account considerations At the age mandated by the state, the custodian (often a parent) must transfer control to the child. At that point, they can do whatever they want with the money.

Is transferring UTMA taxable?

The main advantage of using a UTMA account is that the money contributed to the account is exempted from paying a gift tax of up to a maximum of $15,000 per year for 2021 ($16,000 for 2022). 2 Any income earned on the contributed funds is taxed at the tax rate of the minor who is being gifted the funds.

Can you transfer UTMA before age of majority?

The Uniform Transfers to Minors Act (UTMA) allows an adult to transfer assets to a minor by opening a custodial account for them. This type of account is managed by an adult the custodian who holds onto the assets until the minor docHubes a certain age, usually 18 or 21.

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