Also found in: Financial.
UTMAUniform Transfers to Minors Act (US)
UTMAUniversal Transportable Memory Association
UTMAUnited Telephone Mutual Aid Corp. (Langdon, ND)
UTMAUnion Turnpike Merchants Association (New York, NY)
References in periodicals archive ?
Within a few years of settling in the capital, Mohammad says he became nostalgic for the rustic life he led in Utma.
Based upon their goals, the UTMA assets were inappropriate.
Luckily, most QTP plans allow assets held in UGMA and UTMA accounts to be transferred to a QTP.
Under any of these situations, whether you open an account under the UGMA, UTMA, or establish a trust under Section 2503 of the Internal Revenue Code, all income not taxed to the trust will be taxed to the minor beneficiary.
has ruled that gifts made under the UGMA or UTMA qualify for the annual exclusion.
In addition, UTMA accounts generally terminate at age 21 (as opposed to age 18 in the case of many UGMA gifts), although some states allow UTMA custodianships to extend until age 25.
While the UTMA or UGMA account itself may not count as a resource, a distribution from the account to the child or the child's guardian, who then pays for the expense, is counted as income.
158) Those who believe the oversight provided by a trust is not necessary or is not worth the administration costs may instead designate a custodian of an UGMA or UTMA account for the benefit of their minor children.
If the custodian uses the UGMA and UTMA monies before the minor reaches the age of majority, monies must be spent for the benefit of the minor.
With a Uniform Transfers to Minors Act or UTMA account, you have the advantage of being able to choose your investment options, however, there are many drawbacks.
A UTMA holds, invests, and reinvests money until the child turns age 18 or 21.