What is the age of majority for a UGMA/UTMA account?

The minimum age to open an account is 18. Customers between the ages of 18 and 21 are eligible to trade stocks in a Cash Account provided they meet all other requirements. For further details on Trade Requirements, please visit the IBKR website…

OPEN UGMA/UTMA ACCOUNT IBKR offers UGMA/UTMA accounts to individuals or entities who wish to manage an account for a minor until that minor reaches a specific age. Both are custodial account set up under the rules of a state's Uniform Gift to Minors Act or Uniform Transfer to Minors Act. These accounts can offer tax benefits and contributions are generally considered irrevocable transfers. Important account attributes include:…

When the minor reaches the age of majority/termination, he or she can access the assets in the account and can convert the account to a regular individual account. To do the conversion, you will first want to open a new account…

The annual Form 1099 provided for UTMA and UGMA accounts is issued in the name of the minor and not the custodian. The custodian should consult with a tax advisor to determine what tax reporting obligation, if any, the minor has with the IRS…