Maine Revised Statutes Title 18-C Sec. 5-103 – Facility of transfer
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1. Transfer of money or personal property to minor. Unless a person required to transfer money or personal property to a minor knows that a conservator has been appointed or that a proceeding for appointment of a conservator of the estate of the minor is pending, the person may do so, as to an amount or value not exceeding the annual gift tax exclusion pursuant to 26 United States Code § 2503, by transferring it to:
A. A person who has the care and custody of the minor and with whom the minor resides; [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. A guardian of the minor; [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
C. A custodian under the Maine Uniform Transfers to Minors Act; [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
C-1. A qualified tuition program or a qualified ABLE program in the State, or both, under Sections 529 and 529A, respectively, of the federal Internal Revenue Code of 1986; [PL 2019, c. 417, Pt. A, §9 (NEW).]
D. A financial institution as a deposit in an interest-bearing account or certificate in the sole name of the minor and giving notice of the deposit to the minor; or [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
E. The minor, if married or emancipated. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2019, c. 417, Pt. A, §9 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).]
Terms Used In Maine Revised Statutes Title 18-C Sec. 5-103
- Adult: means an individual at least 18 years of age or an emancipated individual under 18 years of age. See Maine Revised Statutes Title 18-C Sec. 5-102
- Conservator: includes a coconservator. See Maine Revised Statutes Title 18-C Sec. 5-102
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Guardian: includes a coguardian but does not include a guardian ad litem. See Maine Revised Statutes Title 18-C Sec. 5-102
- Minor: means an unemancipated individual who is under 18 years of age. See Maine Revised Statutes Title 18-C Sec. 5-102
- Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency or instrumentality or other legal entity. See Maine Revised Statutes Title 18-C Sec. 5-102
- Personal property: All property that is not real property.
- Property: means anything that may be the subject of ownership and includes both real and personal property, tangible and intangible, or any interest therein. See Maine Revised Statutes Title 18-C Sec. 5-102
- State: includes an Indian tribe or band recognized by federal law or formally acknowledged by a state. See Maine Revised Statutes Title 18-C Sec. 5-102
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Responsibility for proper application. A person who transfers money or property in compliance with this section is not responsible for its proper application.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3. For benefit of minor; no personal financial benefit. A guardian or other person who receives money or property for a minor under subsection 1, paragraph A or B may apply it only to the support, care, education, health and welfare of the minor and may not derive a personal financial benefit, but may be reimbursed for necessary expenses for the benefit of the minor. Any excess must be preserved for the future support, care, education, health and welfare of the minor, and any balance must be transferred to the minor when the minor becomes an adult or is otherwise emancipated.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. A, §9 (AMD). PL 2019, c. 417, Pt. B, §14 (AFF).