§ 15-14-104 — Facility of transfer

(1) 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
ten thousand dollars a year or the then current annual gift tax exclusion as stated
in the internal revenue code, whichever is greater, by transferring it to:

(a) A person who has the care and custody of the minor and with whom the
minor resides;

(b) A guardian of the minor;

(c) A custodian under the Colorado Uniform Transfers to Minors Act, article
50 of title 11, C.R.S., or a custodial trustee under the Colorado Uniform Custodial
Trust Act, article 1.5 of this title; or

(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.

(2) A person who transfers money or property in compliance with this section
is not responsible for its proper application.

(3) A guardian or other person who receives money or property for a minor
under paragraph (a) of subsection (1) of this section or subsection (2) of this section
may only apply it to the support, care, education, health, and welfare of the minor,
and may not derive a personal financial benefit except for reimbursement for
necessary expenses. 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 upon emancipation or attaining majority with an accounting of all income
and disbursements.

Legislative History

Source: L. 2000: Entire part R&RE, p. 1780, � 1, effective January 1, 2001 (see � 15-17-103).