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What are the disadvantages of a UTMA account?

Cons of an UGMA/UTMA Account A big drawback is that all assets transferred into an UGMA account law are irrevocable transfers. This means that your child owns the assets, and the child has the authority (not the parent) on how to use the funds once the child reaches the age of majority.

How does UTMA account work?

A UTMA account allows the gift giver or an appointed custodian to manage the minor's account until the latter is of age. It also shields the minor from tax consequences on the gifts, up to a specified value.

What happens to UTMA when child turns 21?

The age of majority for an UTMA is different in each state. In most states, the age of majority is 21 \u2014 which means that when a child turns 21, the custodianship of assets will end. But in other states, the age of majority is either 18 or 25. The custodian can also sometimes choose between a selection of ages.

Do I pay taxes on my childs UTMA account?

Because money placed in an UGMA/UTMA account is owned by the child, earnings are generally taxed at the child's\u2014usually lower\u2014tax rate, rather than the parent's 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 child's tax rate.

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