Custodian controls for the minor until age of majority.
None. |
If used before the age of majority, must be used for the benefit of the child. No restrictions on use when under the control of the beneficiary. |
No limit. Transfer up to $10,000 per year ($20,000 per married couple) to a child's UGMA/UTMA account without incurring federal gift tax. No averaging option to allow accelerated gift. |
If the child's income (including investment earnings) exceeds $700, income must be included on parent's or child's tax return. |
The custodian may not withdraw the money, except for expenses that benefit the child. It is an irrevocable gift to the child. |
If donor acts as custodian of the account, the value of the account will be included in the donor's gross estate in the event of the donor's death. |
