01/12/2009
Who owns an uniform transfer to minor act savings account, the minor child or the custodian?
06/04/2007
Is it possible to have an UTMA account (MT) that lists more than one minor on the account? We are aware of the limitation of only one custodian, which there is, but this custodian wants to open a CD listing all three minors as the owners of the funds.
04/04/2005
I have a CD in my name and would like to withdraw funds. However the account was set up when I was a minor under a custodianship agreement. Since I am no longer a minor (I am 23), and the account is in my name, is the bank legally obligated to allow me to withdraw funds without the consent of the custodian? The bank is located in WI Thank you for any help on this subject.
03/21/2005
I have an Illinois UTMA account in my son's name. He turned 18 this year. Can I withdraw the funds for him and pay the taxes myself, as custodian? Am I able to close the account and be responsible for any taxes?
03/07/2005
I have a CD in my name and would like to withdraw funds. However the account was set up when I was a minor under a custodianship agreement. Since I am no longer a minor (I am 23), and the account is in my name, is the bank legally obligated to allow me to withdraw funds without the consent of the custodian? The bank is located in WI Thank you for any help on this subject.
02/07/2005
Can contibutors to a trust account established under the Uniform Gifts to Minors Act claim those contributions as tax-deductible donations? Would there be any tax concerns for the minor?
11/29/2004
What is the best way to set up a savings account for an infant? Parents always want to set up an account for their child, under the child's social security number with them as a joint signer. Is the UTMA the best choice?
09/16/2002
Can you set up an account for a person without them knowing it? If so whose SSN do you use?
03/04/2002
Can a custodial account (certificate of deposit) be used as collateral on a loan for the Custodian, i.e., Jane Doe, custodian for Johnny Doe? It is not titled UTMA, but the minor's SSN is used on the CD.
03/04/2002
We open all minor accounts under the UGMA. We have an account where the child is now 19 years of age. Her father, the custodian, has closed the account and placed the funds in a regular account with just his name. What is our responsibility in monitoring how these accounts are maintained. Can the minor once they reach legal age, close the account with the custodian's permission? What rights does the child have once they reach legal age?