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Is UGMA a gift?

UGMA 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.

How do you set up a Uniform gift to a minor?

UGMA accounts can be opened through a bank or brokerage institution. Friends and family can make contributions to the accounts, which carry no contribution limits or income limits. These deposits are irrevocable; they become permanent transfers to the minor and the minors account.

Is an UTMA an irrevocable gift?

Transfers made to a UGMA or UTMA account are irrevocable and belong to the child in whose name the account is registered; however, the account is controlled by the custodian until the child docHubes a certain age, which varies by state (usually 18 or 21).

Can anyone gift to a UTMA?

The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA) are sometimes called the granddaddies of college savings accounts. Both allow parents to establish custodial accounts for a minor child, and a grandparent can then make gifts to the account.

Is UTMA considered a gift?

The IRS has ruled that a gift to a UGMA/UTMA is a gift of a present interest, qualifying for the annual gift tax exclusion (Rev. Rul. 59-357). Gifts of community property are considered made half by each spouse.

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