A UGMA account, or in some states, a Uniform Transfer to Minors Act (UTMA) account, is a custodial account which allows parents to irrevocably give assets to a child for tax benefits and still maintain control of the assets while the child is young. The child does get full control when he or she reaches the age of majority (ages 18-21 depending on the state). It is an inexpensive and simple alternative to a trust.

Many (but not all) 529 plans accept funds coming from an existing UTMA or UGMA. However, because these funds belong to the minor under a custodial arrangement, any withdrawals from the UTMA/529 account must be for the benefit of that minor only. Program rules and state laws will generally prevent you from making any beneficiary changes to the UTMA/529 account, and the minor will assume direct ownership of the account when the custodianship terminates at the age of majority. See similar questions...

The minor on whose behalf the account has been established is the owner of the account. However, until the minor reaches the age of account termination under applicable state laws and in accordance with the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA), there must be a custodian listed on the account. If the minor dies prior to reaching the age of account termination, the account is included in the minor's estate. See similar questions...

If you have established a custodial account for a child under the Uniform Gift/Transfer to Minors Act (UGMA/UTMA), you may be eligible to liquidate those assets and deposit the proceeds into a NextGen Account. Certain restrictions may apply. See the Program Description in the Enrollment Kit for more complete information. You may be able to roll over assets from another qualified tuition program or an Education IRA to a NextGen Account. See similar questions...

Yes. However, there are tax and legal consequences that you should consider. The sale of assets in the UGMA/UTMA may be considered a taxable event. You should consult your tax/legal advisor concerning any consequences of withdrawing the funds from their existing investment. In addition, the beneficiary of the UGMA/UTMA must be the beneficiary of the 529 account and cannot be changed. The account will continue to be governed by UGMA/UTMA laws. See similar questions...

Yes. An UGMA/UTMA account can be liquidated, which would be a taxable event, and the money placed into a 529 account. The custodian on an UGMA/UTMA account has the obligation to use the assets for the benefit of the child. The custodian responsibilities for those assets would still apply. See similar questions...

Funds invested in an UGMA or UTMA account (Uniform Gift to Minors Act/Uniform Transfer to Minors Act) belong to the minor. The custodian has a legal obligation to use the funds solely for the benefit of the minor. To maintain the proper ownership of these funds, a GET account must name the minor as both the account owner and the student beneficiary. You also will need to name a custodian or trustee to manage the account on the minor's behalf. See similar questions...

You can redeem assets from an UGMA/UTMA (Uniform Gift to Minors Act/Uniform Transfers to Minors Act) account, but you may be liable for income taxes on any gains upon redemption. Once the UGMA/UTMA proceeds are used to contribute to a 529 plan, the minor of the UGMA/UTMA must be named both the Account Holder and the Beneficiary of the 529 Account and cannot be changed. For more information, please consult your financial consultant. See similar questions...

Many departments/programs offer minors. You need to talk to the department/program contact for the desired minor. Advising Central provides a list of minors and contacts for the entire university. See similar questions...

K7 Unified Messaging gives you an independent voicemail box that is not attached to any of your actual phone numbers! (This is also a fax mail box). With K7 Unified Messaging, no one can hear your messages but you, since your messages are not tied to any phone. See similar questions...

The service is paid for by advertisers. Their banners on our Web site. There is no charge for registering, no per page charges, no monthly subscription fees, no catches or gimmicks. See similar questions...

Nevada law makes it unlawful for any person to sell, distribute or offer to sell cigarettes, cigarette paper and tobacco of any description or products made from tobacco to any child under age of 18 years. A separate Nevada law limits cigarette vending machines to areas where minors are not allowed and does not allow vending machines to mix tobacco products with any non-tobacco products. See similar questions...

Applicants who are 16 to 17 years of age must have parental or guardian consent. This requirement can be waived by a court. No person younger than 16 years of age can be married in Illinois. Proof of age (e.g., birth certificate, passport, driver's license, employment certificate, etc.) may be required. See similar questions...

Yes, just use this link and fill in your friend's email address. They will be able to choose their own handle once they register. See similar questions...

UTP is the only commercially-available Keyword-driven, 3rd generation test automation solution that significantly increases test coverage, reduces the time required to develop and execute tests, requires fewer technical resources, and drastically reduces the maintenance effort for test. UTP eliminates the need for traditional test scripts and provides automatic implementation of Keyword-driven test case scenarios. See similar questions...

Unified Sports® is a team experience that combines approximately equal numbers of athletes with and without developmental disabilities of similar age and ability. Unified Sports is most often a school-based program spearheaded by either adaptive physical education or special education teachers. It joins together a school's special education students with their non-developmentally disabled elementary, junior high, or high school peers through competitive sports competitions. See similar questions...