Uniform Transfers to Minors Act and/or Uniform Gifts to Minors Act

Uniform Transfers to Minors Act and/or Uniform Gifts to Minors Act

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Uniform Transfers to Minors Act and/or Uniform Gifts to Minors Act

Uniform Transfers to Minors Act and/or Uniform Gifts to Minors Act definition:  State laws addressing custodial accounts and transfers of property to minors. Minors are not permitted to own stocks, bonds, annuities, or life insurance policies because minors are not legally allowed to enter contracts. Instead, custodial accounts or trusts can hold these assets for a minor.  Capital gains tax can be minimized when gifting highly appreciated assets to minors. The minor will have a much lower tax rate when selling the appreciated assets.

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