"UTMA Explained: Safeguarding Minor's Inheritance & Tax Benefits"

Описание: Imagine a mysterious treasure chest filled with money, real estate, and fine art. A guardian, not a formal trustee, is tasked with managing this treasure for a young heir until they come of age. The Uniform Transfers to Minors Act (UTMA) allows this transfer without the need for a formal trust, shielding the minor from tax consequences up to a specified value. But beware: once the child reaches legal age, they'll have full control over the treasure, and it could impact their financial aid eligibility. This act is adopted by most states and offers a unique way to gift property to minors while navigating the complexities of inheritance and taxation.UTMA - Uniform Transfers to Minors ActThis video is for educational purposes only. The laws may change. Consult a legal professional for specific advice.