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House Co-Sponsorship Memoranda
House of Representatives
Session of 2017 - 2018
Regular Session
MEMORANDUM
| Posted: | April 3, 2017 10:13 AM |
|---|---|
| From: | Representative Sheryl M. Delozier |
| To: | All House members |
| Subject: | Legislation to raise the dollar limit under the Uniform Transfers to Minors Act (former HB 122) |
| In the near future I plan to reintroduce former HB 122 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. |
Introduced as HB1596