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Uniform gifts to minors

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#1 Uniform gifts to minors

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Uniform gifts to minors

Creating a Custodianship Account under the Illinois Uniform Transfers to Minors Act provides a useful, but often overlooked, tool for givts management of assets for minors. Instead of asking court to appoint a guardian or creating a trust, individuals can transfer almost any kind of property interest to a minor by creating a custodianship under Uniform gifts to minors Illinois UTMA. The Uniform Transfers to Minors Act UTMA provides a simple, inexpensive method of transferring property to minors and to promote uniformity among Unifirm laws. A donor creates a custodianship by causing property to be transferred to or registered in the name of an adult Unifor, bank or trust company "as custodian for name of minor under the Illinois Uniform Transfers to Minors Act. The minora can involve a wide range of property interests. The Illinois UTMA giffs includes a "catch-all" category, allowing an interest in any property not otherwise described in the specified categories to be the subject of a transfer to a Uniform gifts to minors. Along with applying to almost any type of property interest, the Illinois UTMA creates a statutory presumption that any trust, will, benefit plan, insurance policy, or any other governing instrument authorizes payment to a custodian. These include when the governing instrument expressly prohibits transfer to a custodian or when such a Uniform gifts to minors is inconsistent with the provisions of the will, trust, or governing instrument. The Uniform gifts to minors drafters believed that most donors would prefer to have minosr property under management for the minor as long as possible. Despite the fact that Illinois has made 18 Speed downloads hot russian teens age of majority, the custodianship will continue until the minor reaches the age of Also, custodians who are not compensated for services will not be liable...

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The account must have a custodian the donor can be the custodian who has the responsibility to manage the assets on behalf of the minor. The account's assets are the legal property of the minor, and she receives automatic access to these funds when she reaches a certain age typically 18 to 25 years old, depending on the state. Because the custodians retain control of the assets being transferred, the UGMA is an ideal approach to use when the senior generation is not ready to transfer control to the younger generation. An important characteristic of this strategy is that the transfers are tax-free. However, there are limits on the size of annual gifts -- the limits change every year and generally increase by an inflation-adjusted amount. There are also limits on gift amounts when more than one child is involved or if the account is set up so that income generated by the investments goes to one person and the principal goes to another. The UGMA creates an effective way to transfer substantial amounts of an estate to a minor tax-free. This in turn reduces the estate tax due on the donor's estate after his or her death. If you're a successful investor, you're holding assets that have appreciated substantially since the day they were initially purchased. When it's time to sell or transfer the assets, though, the tax bill can be quite painful. A UGMA allows you to transfer a highly appreciated asset without paying capital gains , gift or estate taxes. Under a UGMA, virtually any category of asset can be transferred: A UGMA allows you to transfer the ownership of your assets to your heirs without relinquishing control of the assets. There are many reasons unrelated to taxes for considering a UGMA, making it an appropriate tool...

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Uniform gifts to minors

What it is:

Jul 29, - Uniform Transfers to Minors Act accounts offer more flexible investment options, but a may make getting financial aid easier. Uniform Gift to Minors Accounts (UGMAs) and Uniform Transfer to Minors Accounts (UTMAs) allow you to invest under a child's name with an adult as custodian. The Uniform Transfers to Minors Act (UTMA) is a way for children under 18 years old to own stock or other property. For tax and other reasons, parents.

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