[WSBAPT] Are there potential tax consequences to transfer funds from child custodial account to UTMA?

[Andrekita Silva]

  Law Office of
F.ANDREKITA SILVA
_______________________________________________________  
                                                             
February  22, 2022
 
Listserve,
 
The divorce decree requires the parents to transfer child’s funds in a  
regular custodial account to an UTMA. My client has $50K in the  
child’s account.
 
I’m wondering if there are tax implications, like can only $15K be  
transferred in any given year? Or, since the funds are already in the  
child’s name, is it of no consequence if the transfer occurs all at  
once?
 
andrekita
Law Office of F. Andrekita Silva
1325 Fourth Avenue, Suite 2000
Seattle, Washington 98101
206-224-8288
www.seattle-silvalaw.com
 

 

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