The first piece of federal legislation addressing this issue was passed in 1956 and was known as the Uniform Gifts to Minors Act. The initial statute was based on an earlier law sponsored by the New York Stock Exchange and the Association of Stock Exchange Firms. Eventually, all of the states adopted this legislation or one of its amended forms. Some states also added other amendments that defeated the uniformity of the law. In response, the statute we now know as the Uniform Transfers to Minors Act was passed in 1983.
Topics covered in this report include:
- The predecessor of the Uniform Transfers to Minors Act
- The need for uniformity in laws regarding transfers to minors
- How is the new Uniform Transfers to Minors Act different?
- What type of property can be transferred?
- How can property be transferred to a minor?
- What is the basis for jurisdiction over transfers to minors?
- What is the primary goal of the Uniform Transfers to Minors Act?
- What is the extent of liability of the custodian?
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Gerald Dorn is a shareholder and has been a partner at Anderson, Dorn & Rader, Ltd. Since 1998. Mr. Dorn has extensive experience serving wealthy families and business owners in the development of estate, tax and asset protection planning strategies. He made the decision to focus his practice in the area of estate planning after witnessing the personal grief and financial loss suffered by several of his clients as a result of poor planning. These experiences motivated him to dedicate his professional life to assisting his clients to preserve their life’s work for their heirs and to create a lasting legacy for those they love. Mr. Dorn is able to accomplish his mission through the use of a vast number of estate planning tools, both basic and advanced, for all of his clients at Anderson, Dorn & Rader, Ltd.
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