UTMA


Also found in: Financial.
AcronymDefinition
UTMAUniform Transfers to Minors Act (US)
UTMAUltra Thin Multi Access
UTMAUniversal Transportable Memory Association
UTMAUnited Telephone Mutual Aid Corp. (Langdon, ND)
UTMAUnion Turnpike Merchants Association (New York, NY)
References in periodicals archive ?
A UTMA's assets cannot be taken back or shifted to another child, and over time, even a modest account can reach a size that may not be appropriate for a child about to turn 18 or 21.
Assets owned by the student (UTMA, IRA or Roth IRA) and the student's income are weighted most heavily in determining whether federal benefits are available.
Within a few years of settling in the capital, Mohammad says he became nostalgic for the rustic life he led in Utma. Eager to recreate what he could of its rural environment, he began rearing sheep in his front yard.
Luckily, most QTP plans allow assets held in UGMA and UTMA accounts to be transferred to a QTP.
However, significant care should be taken to avoid making such gifts to trusts or UTMA accounts because distributions from those trusts or accounts made in years beyond 2010 may be subject to GST.
In the same vein, Vashko recommends against using non-qualified money to buy an annuity contract for the purpose of putting it inside an UTMA or UGMA custodial account to fund the college education of a child or grandchild.
Ownership and beneficiary arrangements involving minors are governed by either the Uniform Transfers to Minors Act (UTMA) or the Uniform Gifts to Minors Act (UGMA) (see page 562).
On the other hand, if the goal is to set up a simple fund to be used for a child or grandchild before college, the donor may open a bank or brokerage account under the Uniform Transfers to Minors Act (UTMA) of his or her state of residence.
The most direct method of giving funds to children is making gifts under the Uniform Gifts to Minors Act (UGMA) or under the Uniform Transfers to Minors Act (UTMA).
UGMA or UTMA accounts can also be used to save for college.
Many states' version of the UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act) allows a custodian for a child to purchase and/or maintain life insurance.
For up to date highlights of state UGMA and UTMA provisions, see the Advanced Sales Reference Service (published by the National Underwriter Company) at 550 of section 48.