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In Georgia the age of majority is 18, however the age of termination of a UGMA or UTMA is 21.
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Is there a penalty to close ugma account?
Generally, no there is no penalty to close a UGMA account. However, there may be a surrender fee or an exit fee if removed in a certain time frame.
Is there a penalty for not transferring a UGMA UTMA account to the child when heshe reaches the age of majority?
Is there a penalty for not transferring a UGMA UTMA account to the child when heshe reaches the age of majority?
What is the moral lesson in the story Peter Pan?
HEHEHEHEHEHE RELAX THEIR IS NO ANSWER FOR THIS STORY beetter find ur selff hhhahhah
Is there a penalty to close ugma account?
Generally, no there is no penalty to close a UGMA account. However, there may be a surrender fee or an exit fee if removed in a certain time frame.
Is there a penalty for not transferring a UGMA UTMA account to the child when heshe reaches the age of majority?
Is there a penalty for not transferring a UGMA UTMA account to the child when heshe reaches the age of majority?
What the Tagalog of suited?
Tagalog translation of SUITED: ugma; hiyang
When does a New York State UGMA account belong to the minor?
18th birthday.
What is a convention setup?
wala ko kbalo ky akong report ky 70 na ugma..
Are UGMA accounts part of the estate of the decedent who created the account?
By UGMA, I take it you mean a Uniform Gift to Minors Act account which is being held for the minor by the parent, guardian or other person. I also take it you mean whether the account is included in the estate of the deceased holder. In that situation the UGMA account is not included in the decedent's estate as an asset of the estate available for payment of expenses, debts and distribution. Under the UGMA, as soon as funds were put into the account, they became the property of the minor. As far as taxes go, they might be taxable under certain situations. If the funds were put into the account by the decedent within a certain short period of time before death and if they were put into the account on contemplation of imminent death, they may be taxed as if they were part of the estate. In addition, if that transfer was made in contemplation of death and if the estate is insolvent, creditors can seek to have the funds put back into the estate by going to court and proving that the account was created to shield the funds from taxation within that short period of time. The IRS and every state has its own laws on this subject as well as the short time period, so it is important to review the laws in the state which has jurisdiction over the estate.
What animal mimic?
atay sa nangutana oy bagay bati-a ninyo nalong oy
What is convention set-up?
wala ko kbalo ky akong report ky 70 na ugma..
Your son had fund set up for him by his uncle who has since died how do you retrieve it?
If it was set up under the Uniform Gift to Minors Act (UGMA) then you can't... at least not without an attorney.
What is the moral of the story riders to the sea?
Ayaw namu pag.search ug answer para ana kay ugma na ang exam.. hahaha.... Sorry nalang... Na.copy na naku ug una... hahaha... "BLACKLiSTED"
What age do you have to be to draw money from your savings account?
18 Depending on your state, if the account is a UTMA/UGMA (Uniform Transfers to Minor/Uniform Gifts to Minor), the minor may not be able to withdraw money until s/he reaches 21.
How To Open A Uniform Gift To Minor Account?
When you have kids, you inevitably get little monetary gifts for them from time to time. Holidays, birthdays and special occasions usually see a child receiving a handful of $10 and $25 gifts. While the first instinct may be to put that money in a piggy bank or bank account, there is another option that's worth checking out a Uniform Gift to Minor account. The Uniform Gift to Minor Account (UGMA) is a trust-like account type that an adult like a parent or grandparent can open on behalf of a minor child. The guardian takes custody of the account's assets and transacts on the account until the child reaches adult age (usually 18 or 21 depending on the state). At that time, the account becomes the property of the child and they can do with it as they wish. Some states require the Uniform Transfer to Minor Account (UTMA) in lieu of the UGMA but they operate very similarly. The UGMA carries several benefits to the accountholder. First, the custodian maintains control of the account until the minor comes of age. That helps provide some degree of comfort that your son won't go blow the entire account balance on a new car on his 16th birthday. Second, income earned on the account gets taxed at the child's tax rate instead of the parent's. The child's rate is almost always lower than the parent's rate so this account would allow you to keep a little more of it out of Uncle Sam's hands. Third, you can also invest just about any security in a UGMA/UTMA account. That includes stocks, bonds and mutual funds. Most brokerages and investment firms offer the UGMA/UTMA account. On most account applications, there is a registration option that allows you to establish this account. You simply need the typical identification information (address, child's birth date, etc.) along with the child's social security number to establish the account.
