Custodial Accounts (UGMA/UTMA) are financial accounts that facilitate the transfer of assets to minors without restrictions typically found in other specialized plans, although they do not provide specific tax benefits like those of a 529 plan.
The Uniform Gifts to Minors Act (UGMA) is a U.S. legislation that allows minors to receive gifts and inheritances without the need for a guardian or trustee. It simplifies the process of transferring property to minors and provides for custodial accounts.
A comprehensive overview of the Uniform Gifts to Minors Act (UGMA), detailing its provisions, custodial responsibilities, historical context, and related terminologies.
A comprehensive guide to understanding Uniform Gifts to Minors Act (UGMA) accounts, detailing how they work, their benefits, and key considerations for managing them.
