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<p>Law Office of<br>
<strong>F.ANDREKITA SILVA</strong><br>
<strong>_______________________________________________________ </strong><br>
<br>
February 22, 2022<br>
<br>
Listserve,<br>
<br>
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.<br>
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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?<br>
<br>
andrekita<br>
Law Office of F. Andrekita Silva<br>
1325 Fourth Avenue, Suite 2000<br>
Seattle, Washington 98101<br>
206-224-8288<br>
www.seattle-silvalaw.com<br>
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