These resources are brought to you by the Cooperative Extension System and your Local Institution
Welcome
eXtension is an interactive learning environment delivering the best, most researched knowledge from the smartest land-grant university minds across America.
eXtension: more mind reach
Have a question? Try asking one of our Experts
What happens if the donor for a Uniform Transfers to Minors (UTMA) account is also the custodian and dies before a minor beneficiary reaches legal age according to state law?
Last Updated: July 28, 2008
If the donor for a Uniform Transfers to Minors (UTMA) account dies before the minor beneficiary reaches legal age, the transferred property is included in the deceased donor's gross estate for federal estate tax purposes. To avoid this situation, a donor who is also a custodian can change the account so that someone else (for example, a trusted family member) is named as a successor custodian. Check with the financial institution holding the UTMA funds for details about the required paperwork.
We would like your feedback on this Personal Finance Frequently Asked Question.
Have a specific question? Try asking one of our Experts
Unlike most other resources on the web, we have experts from Universities around the country ready to answer your questions.
This resource area was created by the: Personal Finance community
Resource Area Feeds
In This Resource Area
- Consumer Credit
- Children and Money
- Consumer Education
- Estate Planning
- Financial Planning Process
- Health Finance
- Home Ownership
- Insurance
- Legal Topics
- Lifestyle Transitions
- Managing Money in Tough Times
- Military Money
- Money Emotions
- Money Management in Times of Disaster
- Retirement Planning
- Saving and Investing
- Talking About Money
Interactive Tools and Resources:
Click Here to Follow Us On Twitter