The Uniform Transfers to Minors Act applies to Trust Law in Michigan.
As we have previously discussed, a Minor Trust is a trust for a beneficiary who is a minor. The title is handled by the law firm and could contain provisions on whether the child will be able to get a hold of his finances and handle it on his own.
Generally, we believe that a minor trust is good as long as you can gauge your child’s maturity at a specific age.
The UTMA, however, felt like a contradictory act but the good thing is that we can establish what it is here in this article.
What is the UTMA?
The UTMA is the Uniform Transfers to Minors Act. It allows the property to be gifted to a minor without establishing a formal trust.
What does it mean?
When it is the UTMA that applies there is no need for a trust to be established. As long as the child reaches a specific age, the child will have full control of the property. In the meantime, the donor or the custodian of the property manages the property and takes care of it until the child reaches a specific age.
What benefits does the UTMA have?
The benefits of the UTMA include an exemption from federal taxes. Gifts to minors are exempted from paying taxes for gifts of up to $15,000 a year.
Do you suggest following the UTMA or establishing a Minor trust?
Most clients would ask about what we suggest. Of course, like most legal problems, we prefer to look at the circumstances of the client first since the law is meant to protect and cover every nook and cranny of an individual’s needs.
Book your consultation and let us help you out.
Haque Legal is Here To Help
We have been around. We have handled hundreds of cases on family law, custody battles, and parenting. We can help you fight for your rights and work your way around getting that parenting time that you deserve. Haque Legal is here. You can find that the best kind of experience for you is to hire our law firm.
Here at Haque Legal, we always have your back. Make sure that on your first free consultation, we tell you everything that you need to know about your divorce or custody case as well as the cost and the expenses that would be associated with it.
The consultation is free for the first time because we understand that you need to at least have that guidance coming from a reputable law firm and lawyer to assess your case. If you have concerns about your divorce or custody case and you need a lawyer to handle it you can always contact our law firm and we can talk about your situation and the best way that we can handle it, especially in terms of the expenses.
Let Haque Legal Help You With Your Case
If you require a lawyer who can assist you with ensuring that you protect your rights, it is important to know that you also have a team that can help you out with your specific needs.
Our law firm is dedicated to making sure that those who are innocent will be protected by the law and that the full extent of justice will be used.
The article that you have read is based on general applications of the law. It is not legal advice and it is not to be construed as any legal consultation with the firm. No client-attorney relationship is created when you read the articles we have provided.
Let us help you out
If you need a Southfield family lawyer to help you during your proceedings, call us immediately. If you have any problem with the law or are seeking justice and truth, our numbers are standing by to take your call.
The post <strong>Uniform Transfers to Minors Act</strong> appeared first on Haque Legal.