Transfer from UTMA Account

If an investment account has been set up for your child under the Uniform Transfers to Minors Act, you may want to consider transferring the funds to a 529 account.

Custodial accounts for minors under the Uniform Transfers to Minors Act, sometimes called UTMA accounts, offer a convenient way to manage investments for a minor who has received financial gifts or accumulated substantial savings. Parents or others acting as custodians for these accounts sometimes wonder whether the money can be moved to a 529 account to achieve tax savings or other benefits. The answer: this is indeed possible, but there are many issues to consider. We have a series of articles dealing with the subject in our guide to UTMA accounts.

details: UTMA Transfer to a 529 Account

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