The non custodian cannot take control of the assets until they are released by the one holding the account. What needs to happen, is that the custodian needs to "sign over" the account ... if they so refuse, then you need to seek professional legal advice.
18 is the age of majority in the state of Michigan for Custodial accounts. In order to receive the funds the minor & the custodian must submit a form to the company where the funds are held.
Under the Uniform Transfers to Minors Act (UTMA), the custodian manages the account until the minor reaches the age of majority, at which point the assets are transferred to the minor. The custodian cannot take the money away from the minor for personal use; their role is to manage the funds in the best interest of the minor. However, the custodian can make withdrawals for the minor's benefit, such as for education or other necessary expenses. Once the minor reaches the designated age, they gain full control over the funds.
Is there a penalty for not transferring a UGMA UTMA account to the child when heshe reaches the age of majority?
Yes, though it may affect the amount of SSI the child is receiving as it comes from that parent's SS account.
Probably not, unless there is an additional change in circumstance. Child support is generally based on a formula that takes into account things like income (or income earning potential), health insurance, child care and other expenses. The income of the new spouse is not one of the factors in this calculation. However, support of another minor child is, so if the custodial parent has another child in that marriage, that may affect the calculation. You'll need to check the laws in your state but in most states the spouse's income is not factored in unless the custodial/non custodial parent is living solely off of his/her spouse's income.
If the custodian is the custodian or successor of the UGTMA in the event of the custodians death - yes by definition that is the custodians responsibility. If the custodian is, for example, the custodian of the estate of the adult who had custodial control of the UGTMA account the situation is different. A successor trustee is normally required when setting up the custodial account. If so, that successor custodian as named in the UGTMA account would have those powers. In this example, if the successor custodian is different on the UGTMA account than the custodian or trustee of the estate, the UGTMA account successor custodian would take precedence. Remember, the assets are in the minors estate not the custodians.
18 is the age of majority in the state of Michigan for Custodial accounts. In order to receive the funds the minor & the custodian must submit a form to the company where the funds are held.
The number of custodians on a Uniform Transfers to Minors Act (UTMA) account can vary, as the act does not specify a limit. Typically, there is one custodian designated to manage the assets until the minor reaches the age of majority, at which point the assets are transferred to them. However, multiple custodians can be appointed if agreed upon by the parties involved, though this can complicate management of the account. It's essential to check specific state laws and the financial institution's policies for any additional guidelines.
The appropriate pronoun for custodian is he (subjective), him (objective), she (subjective), her(objective), it (subjective or objective) appropriate for an organization or institution that is the custodian.
You must be 18 to establish a trading account. If you are under 18 you can have an account assigned to your social security number but it must be a custodial account and a custodian will control the account until you are 18 years of age.
A custodial account is an account set up by an adult to benefit a minor.
Yes. Under uniform gifts to minors act (UGMA) an adult custodian opens account for minor and all gains are taxed under minor's rate. Minor owns account at age of majority for his state or when specified by custodian depending on rules established at time of gift.
654, ecxept in Montana its 765
A savings account with a parent as custodian. You have to be 18 to have your own account.
The custodian must either buy the securities or sell the rights. He cannot let them expire because it would not be in the best interest to the minor. The same is also true of warrants.
Through a custodial account. An adult can setup a account and add you as a custodial. The custodial makes the trades through your accounts, but the money remains separate from both accounts.
The trust will state the responsibilities.