Other Tax Questions
Questions and comments on other topics covered in Fairmark.com, such as UTMA accounts, and any tax questions that don't fit our other categories.
UTMA Transfer Age in California
Posted by: bobcouzens, January 3, 2008 11:48PM
Can you tell me at what age my kids will retain control of their UGMA accounts. We live in California. I do not know if the account must be transferred to my kids by age 18, or age 21.

Thanks for your help.

Re: UTMA Transfer Age in California
Posted by: Herb, January 4, 2008 12:23AM
<< Can you tell me at what age my kids will retain control of their UGMA accounts. >>

California has UTMA accounts, and the operative term is "reGain control" of the account. The money has been theirs from the time it was contributed to the account.

The age of majority (for this purpose) is defined in California law as below:

"(k) "Minor" means:
(1) Except as provided in paragraph (2), an individual who has not
attained the age of 18 years."



Re: UTMA Transfer Age in California
Posted by: Drewremedy, January 4, 2008 12:26AM
Laymans take:

Its the age where the account is domociled not necessarily where you live--and most states have adopted the UTMA which spells out 21 most places. (It could be set older but few remember to so set an age.) But it it was an older UGMA and set at 18 then its extremely likley that 18 carrys over.

Re: UTMA Transfer Age in California
Posted by: DeeDee, January 4, 2008 05:40AM
In California, title should transfer at age 18 unless the governing will or trust specifies otherwise. The transfer may be delayed in this circumstance until age 25.

Re: UTMA Transfer Age in California
Posted by: Tom Stewart, January 7, 2008 05:28PM
I believe in CA that the age that control transfers is 18, unless the person establishing the account specified a different age when setting up the account which can be up to age 21, or age 25 if the UTMA is established by a will or testamentary trust. So, if not otherwise specified from the start, the default is age 18.

Re: UTMA Transfer Age in California
Posted by: Drewremedy, January 8, 2008 06:59PM
Reads correct to me----as toage.

If you re worried about fatal impact on college need based aid of a UGMA or your kid running off at 18 with new Harley buddies you may want to explore other options?



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