Can real estate be held in a UTMA?
A UTMA account can hold all kinds of property, including stocks, real estate, cash, bonds, life insurance policies or proceeds and more. A UTMA account allows the asset to be held in the child’s name, but any transactions to be carried out in relation to that asset are to be carried out by a custodian.
What determines UTMA state?
The age at which the minor takes control of the custodial account depends on the minor’s state of residence and whether the custodial account was created as an UGMA or an UTMA account. Also, some states permit the donor or transferor to specify a different age of termination at the time the gift or transfer is made.
Is 17 considered a minor in Georgia?
At Age 17 You Are An Adult For Criminal Law Purposes in Georgia. When you are 17 years old you are not quite an adult, but not quite a child anymore either. Society may treat you like a child in many situations, but the courts will view you as an adult. For criminal law purposes in Georgia, you are an adult.
Can you convert a UTMA to a trust?
Yes, and yes. Under the Act as discussed above, it can certainly be argued the custodian has the legal right to make such a transfer. After all, a custodian under the Act has the same rights and authority over the property “as unmarried adult owners have over their own property”.
Can parent take money out of UTMA account?
Under the Uniform Transfers to Minors Act (UMTA), money deposited into a UTMA account typically can’t be withdrawn except by the child at the appropriate age. Withdrawals from a UTMA account cannot substitute any obligations a custodian who is a parent or guardian has to support the minor.
Can you use UTMA funds to buy a car?
In other words, a parent can’t use UTMA funds for groceries, clothes or child-support payments, but can feel free to spend the money on treats like after-school classes, a trip to Europe or even a car, says Kaye Thomas, a tax lawyer and founder of Fairmark.com, a Web site dedicated to tax issues.
Can you move UTMA assets to a trust?
Can you transfer assets from a UTMA to a trust?
The “Uniform Transfers to Minors Act” body of law adopted by many states provides that, prior to the minor reaching age of majority, a custodian may transfer UTMA assets to a “Qualified Minors Trust.” That means a new trust is formed and the custodian transfers assets into the new entity without a court order.
Can a child leave home at 17 in Georgia?
Under age 18, it is unlikely that a doctor would take you as a new patient. All the best. my daughter ran away from home at 17 (she thought that *no* was child abuse!!)…. in the state of georgia, you can be considered legally an adult at 17, BUT…..the parents are still legally responsible for you until you are 18…..