Which one of the following is a nontax characteristic of a custodial account established under the Uniform Transfers to Minors Act (UTMA)? A) Control of property in the account will be transferred to the minor at the state set age of majority. B) Only transfers of cash, securities, or life insurance may be placed in such a custodianship. C) Only transfers by the original donor are allowed. D) The age at which the beneficiary must be given control of the assets is determined by federal law.

Which one of the following is a nontax characteristic of a custodial account established under the Uniform Transfers to Minors Act (UTMA)? A) Control of property in the account will be transferred to the minor at the state set age of majority. B) Only transfers of cash, securities, or life insurance may be placed in such a custodianship. C) Only transfers by the original donor are allowed. D) The age at which the beneficiary must be given control of the assets is determined by federal law.

Administration Of Wills/Trusts/ And Estates

5th Edition

ISBN:9781285281308

Author:Brown

Publisher:Brown

Chapter10: Probate Courts And Uniform Laws

Section: Chapter Questions

Problem 2SYPS

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Question #21 of 85

Which one of the following is a nontax characteristic of a custodial account established under the Uniform Transfers to Minors Act (UTMA)?

Control of property in the account will be transferred to the minor at the state set age of majority.

Only transfers of cash, securities, or life insurance may be placed in such a custodianship.

Only transfers by the original donor are allowed.

The age at which the beneficiary must be given control of the assets is determined by federal law.

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