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Under the UGMA or UTMA, the ownership of the funds works like it does with any other trust and the donor must appoint a custodian (the trustee) to look after the account for the benefit of the beneficiary. [citation needed] Until 1986, a UGMA or UTMA account allowed the assets to be taxed at the minor's income tax bracket. Tax law changes in ...
It is a more flexible extension of the Uniform Gifts to Minors Act (UGMA), and allows the gifts to be real estate, inheritances, and other property. [citation needed] The Act allows the donor of the gift to transfer title to a custodian who will manage and invest the property until the minor reaches a certain age. The age is generally 21, but ...
The term custodial account typically refers to uniform transfer to minors accounts (UTMA) and uniform gift to minors accounts (UGMA). Each state manages its own UTMA/UGMA program.
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1]
The top of your bank statement includes key information like the name and address of your financial institution, your financial institution’s contact information (typically a phone number you ...
Planning for a child's education requires careful consideration of several factors, including asset ownership, tax implications (including FICA taxes) and financial aid eligibility. Two popular...
Example of a checking account statement for a fictional bank. A bank statement is an official summary of financial transactions occurring within a given period for each bank account held by a person or business with a financial institution. Such statements are prepared by the financial institution, are numbered and indicate the period covered ...
How To Find Bank Account Information on a Paper Check A paper check has three essential numbers to pay attention to. You can find these three sets of numbers at the bottom of the check in the ...