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The Uniform Gifts to Minors Act (UGMA) is an act in some states of the United States that allows assets such as securities, where the donor has given up all possession and control, to be held in the custodian's name for the benefit of the minor without an attorney needing to set up a special trust fund. This allows a minor in the United States ...
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...
Uniform Trade Secrets Act: 1979, 1985 Uniform Transboundary Pollution Reciprocal Access Act: 1982 Uniform Transfer of Litigation Act: 1991 Uniform Transfers to Minors Act: 1983, 1986 Uniform Transfers Under Nontestamentary Instruments Act: 1978 Uniform Trust Code: 2000 Uniform Trustees’ Powers Act: 1964 Uniform Unclaimed Property Act: 1995
"However, I like your idea. I have to tell you, I would open up a Uniform Gift to Minors Act account." Opening a UGMA account would allow Hazel, with her parents' help, to invest her earnings in ...
Uniform Gifts to Minors Act (UGMA) accounts: UGMA accounts can hold financial assets such as cash, securities, annuities and insurance policies. These accounts can be opened in all 50 states.
The term custodial account typically refers to uniform transfer to minors accounts (UTMA) and uniform gift to minors accounts (UGMA). Each state manages its own UTMA/UGMA program.
If you want to give a stock to a minor, though, you have to create either a Uniform Gifts to Minors Act (UGMA) or a Uniform Transfers to Minors Act (UTMA) account, which are essentially custodial ...
In the United States, the Uniform Transfers to Minors Act provides for the possibility of bank accounts, brokerage accounts, and other property to be held in a custodial capacity under the Act so that the custodian has the right to control the property but that legal title is deemed to be in the minor for many purposes.