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Accounts for Minors under the UTMA
(Presented By: Mary Beth Guard and John Burnett)
The Uniform Transfers to Minors Act provides a way for a deposit account to be owned, but not controlled by, a minor. In many cases involving underaged fund owners, a UTMA account is a sound choice because it strikes a good balance between protecting the minors' interests, allowing flexibility in the use of the funds, and not requiring much paperwork or administrative hassle. Financial institution personnel must be thoroughly familiar with the Act's specific requirements in order to ensure the account is set up, maintained, and closed in the proper manner. 
| WEBINAR TIME:
11:30 - 1:30PM PT
12:30 - 2:30PM MT
1:30 - 3:30PM CT
2:30 - 4:30PM ET |
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This all-new Webinar will address all the most important issues -- who can open UTMA accounts, who can withdraw from them, what such accounts are used for, and how they're sometimes abused. Mary Beth Guard and John Burnett will equip you with the information you need to style the account correctly, obtain data required for CIP purposes, and deal with a variety of common scenarios that often arise with UTMA accounts. At the conclusion, you'll understand the rules and know how to set these accounts up properly and prevent unauthorized transactions.
In this session, John and Mary Beth will cover --
circumstances where a UTMA account is an ideal choice;
when you don't want to (or can't) use the UTMA;
important information to gather before setting up the account;
what you can do to avoid potential problems down the road;
proper styling and the correct TIN;
whose information you gather for CIP purposes;
custodian and successor custodian issues;
bank responsibilities;
inappropriate activity and what can be done about it;
common misconceptions;
effect of the custodian's death or the minor's death;
effect of garnishments and/or levies;
custodians and powers of attorney;
the rights of the minor;
special state law "twists;"
what happens when the age for release is reached;
This presentation is designed for new account, teller, and other front line personnel.
The Speakers:
Mary Beth Guard currently serves as Executive Editor of BankersOnline.com and CEO of Glia Group, Inc., Mary Beth has had a long and distinguished career, graduating from law school in 1980. She has focused her work exclusively on the banking industry since 1984. Previously, Mary Beth served as EVP/General Counsel and COO for the Oklahoma Bankers Association, EVP of Specialized Services for Thomson Financial Publishing, and General Counsel for the Oklahoma State Banking Department. Mary Beth is on the advisory board for Bankers' Hotline and Compliance Action, as well as on the editorial board for ABA Bank Compliance magazine. She has presented training programs for virtually every major national financial industry association, as well as more than a dozen state bankers associations and a host of other organizations. In addition, Mary Beth has written more than a thousand banking-related articles and is a BOL Guru.
John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking. He is also a graduate of the BAI's and the Massachusetts Banker Association's Schools of Banking.
He joined Cape Cod Bank and Trust Company in 1971 and assumed his role as Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc., and became a part of the BOL Team in June, 2004.
Mr. Burnett is a former member chair of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force, and has served on several ABA and Massachusetts Bankers seminar panels.
More information...
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888-229-8872