South Miami Probate Lawyer
South Miami, Florida is a municipality in Miami-Dade County in the Miami urban region. At the 2000 census, only 10,741 people lived here. Since 2017, as said by the U.S. Census Bureau the population rose to 12,281. In 1926, region inhabitants wished to integrate their region. Due to the lucrative city to the north of them, they selected the name of “Town of South Miami.” The community’s Cambridge Lawns Historic District, with about thirty homes in the Tudor Revival and Mediterranean revival style finished in 1928, were given historic acknowledgement in 2005 by the City of South Miami. In 1926, South Miami also obtained general destruction from the 1926 Miami hurricane. The leaders of the town solicited Congress to alleviate the people of their income tax for the present year. However, federal help was not cooperative. Residents endured storm damage again from Hurricane Andrew in 1992 and Hurricane Bonnie in 1998.
Managing Property in Florida Inherited by Children-Part II
Gift to Children According to the Uniform Transfers to Minors Act (UTMA)
People sometimes leave gifts to children without making a trust to hold that money. The easiest way to do this is to leave money for a child according to what is known as the Uniform Transfers to Minors Act (UTMA). Every state has a form of this law, which permits an adult, termed the “custodian” to handle possessions for children to a specific age. For instance, a will may leave a gift to a child this way: “To my dear nephew, Philip, I leave a gift of $12,000 to Sarah Jackson, as custodian for Philip Jackson, under the Florida Transfers to Minors Act to age 18.”
Every state puts a time restriction for UTMA accounts that are set up by a will or a trust when somebody passes away. In Florida, the age restriction is twenty-one, which means that a UTMA account set up in Florida must terminate prior to the minor reaching twenty-one years old. The trust or will would stipulate what age within this range is relevant. For instance, a will may state, “I leave a gift of $25,000 to Jennifer Jones, as custodian for her son, Jimmy Jones, under the Florida Uniform Transfers to Minors Act, to age 18.”
An UTMA account’s custodian has the right to amass, hold, handle, finance, and refinance the property of a minor. They must proceed justly and sensibly and do not need the approval of the court. The money in an UTMA account, which can be opened at a bank or brokerage company, can be utilized for the benefit of the minor, such as education or travel, or anything that the minor might need.
When the custodianship concludes, the money is owned by the beneficiary, entirely, to be utilized, but they wish to utilize it. Every asset that are handed over to minors are immutable once made—if a child chooses no to attend college, for instance, the money is still his or hers when the account ends.
UTMA accounts also can be made by the executor if a will exists or trustee if a trust exists, if he or she needs to hand over property to a minor, but the will or trust did not designate a custodian. In many states, this can be done unless the account goes over a specific dollar restriction, in which case the court must sanction the transfer. In Florida, an executor or trustee can set up an UTMA account this way: A custodial account might be set up by an executor or trustee that concludes at eighteen. Then again, if the amount that is gifted to the minor is over $10,000, the court must sanction it.