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What is the legal age for an underaged mother with a child be classified as an adult?
When she reaches the age of majority for her state, age 18-21.
Can the custodian of a UTMA ever take the money way from the minor?
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.
How could you sue your parents for taking money from your bank account and refusing to put it back?
If you're a juvenile, then no. If the money was given to you by them and not earned or given by outside sources, then definitely no. If the account is jointly held with one or more parents, no too. However, if it's money you've earned or been given by others and the account is in your name only you have two options: If you're 18 or older, you can sue. If you're still a juvenile, you can report it to the police as a theft. * It is not considered stealing or larceny, obviously the parent(s) are on the account or they could not have withdrawn money except by the use of forgery which is a different matter. However, the law presumes that a parent will use such funds in the best interest of the child or family and will not be subject to penalties until the child reaches the age of majority and chooses to pursue litigation of their own accord. DO NOT contact the local police in connection with such a matter.
How far does cocoa have to be transported before it reaches the UK?
how far does cocoa beans have to travel till it reaches the UK
Uniform Transfers to Minors Act plus what to do when child reaches 21?
uniform transfers to minors act plus what to do when child reaches 21?
What penalties are there for emptying my 401k account?
If someone empties their 401k account before it reaches a certain level then there is a 10% penalty on the money in the account. There are some exceptions to this penalty.
What happens to the majority of the sun's energy before it ever reaches Earth?
The majority of the sun's energy is absorbed by the Earth's atmosphere before it reaches the surface.
When am I allowed to withdraw funds from my IRA?
Funds can be withdrawn from an IRA at almost any time although there is a 10% penalty if they are withdrawn before the account reaches a certain level. Each employer may be different.
Who pays dividends on a custodial account held by grandparent?
In a custodial account held by a grandparent, dividends are typically paid by the investments within the account, such as stocks or mutual funds. The company or fund that issues the investment distributes the dividends to the account. The grandparent, as the custodian, manages the account until the minor reaches the age of majority, at which point the account and its assets are transferred to the beneficiary.
How to take money out of UGMA accounts?
To take money out of a Uniform Gifts to Minors Act (UGMA) account, the custodian of the account must initiate the withdrawal, as minors cannot manage the account themselves. The funds can be used for the benefit of the minor, such as education or other expenses. Once the minor reaches the age of majority, they gain full control of the account and can withdraw the funds as they choose. It's important to check specific state laws, as they can vary regarding the age of majority and withdrawal processes.
In New York is a child emancipated when they turn 18 years old?
In New York, one reaches the age of majority when they turn 18. Emancipation is a process available in some states before a minor reaches the age of majority
How many custodians can you have in a utma account is NJ?
In New Jersey, a Uniform Transfers to Minors Act (UTMA) account can have only one custodian at a time, who manages the assets until the child reaches the age of majority. However, a custodian can designate a successor custodian in case they are unable to continue managing the account. There are no limits on the number of successors, but only one custodian may manage the account at any given time.
How do you operate minor's account?
To operate a minor's account, a parent or legal guardian typically needs to open the account on behalf of the minor, as they cannot do so independently. The adult will manage the account, including deposits, withdrawals, and financial decisions, while the minor can learn about saving and budgeting. Many financial institutions offer specific accounts for minors that may have lower fees and educational resources. Once the minor reaches the age of majority, they can take over full control of the account.
Does your grandchild own the utma mutal fund that is in your name as cust for her?
Yes, the UGMA (Uniform Gifts to Minors Act) mutual fund account is held in your name as custodian for your grandchild, meaning that while the account is managed by you, the assets belong to your grandchild. Once your grandchild reaches the age of majority, they will gain full control and ownership of the account. Until that time, you are responsible for managing the funds in their best interest.
When is the legal age to stop child support?
I believe it is when the child reaches 18 years of age, the age of majority. This is federal; however, there are other terms "age of majority" which do not pertain to child support. The drinking age "of majority" is different.
Can my creditors take money from my son savings accounts where I a a custodian?
Yes, creditors can potentially access funds in a custodial account if you are the custodian and the account is under your name. Since you control the account until your son reaches the age of majority, creditors may argue that the funds are available to satisfy your debts. However, laws vary by state, and some protections may apply, so it's advisable to consult with a legal expert for specific guidance.
What is the legal age for an underaged mother with a child be classified as an adult?
When she reaches the age of majority for her state, age 18-21.
