Transfers to Minors:

•    Don’t give gifts to minors because can’t contract/give receipt
•    Remedy is court-appointed guardian – BAD
•    Trust was traditionally guardianship avoidance technique IF you have the money, but expensive
•    Uniform Transfers to Minors Act (UTMA) – all states have something like this
–    Very successful and simple
–    “Poor man’s trust” for kids – Prop 141.010
–    Minor holds title but has custodian
–    Banks, brokerages
–    Irrevocable – Prop 141.012
–    Small amounts of income, taxed at kids bracket if under $x and they’re under 14
–    See Prop 141.013, 141.012, 141.015
–    Prop 141.015a1 – can use trust for what you’d be required to do – pretty broad authority
–    Prop 141.021 – termination
–    Age of majority or death
–    21 years – if by gift (Prop 141.005) or will (Prop 141.006)
•    True authority for custodianship
–    Other age of majority (e.g. 18) – Prop 141.007 – fiduciary may transfer to custodianship
•    No real authority for custodianship
–    Prop 141.008 – TP payor