|Posted:||December 18, 2014 10:45 AM|
|From:||Representative Sheryl M. Delozier|
|To:||All House members|
|Subject:||Legislation to raise the dollar limit under the Uniform Transfers to Minors Act|
|In the near future I plan to reintroduce former HB 1462 from last session. This bill amends Title 20 Chapter 53, the Uniform Transfers to Minors Act (UTMA).
The UTMA is a mechanism in Title 20 (Decedents’ Estates) which provides the ability to make a gift to a minor, either in a will or without one, without putting the money directly in the hands of the minor. Under the UTMA, a custodial account is set up at a bank, for example, and a custodian appointed. Currently, transfers from the custodial account may be made for the benefit of the minor without court approval so long as the transfer does not exceed $25,000.
This legislation raises the dollar limit from the current $25,000 to $50,000. If the amount of the transfer exceeds $50,000, court approval will be needed.
Last session HB 1462 passed the House unanimously.
Introduced as HB122