Glossary
U
- UGMA
The Uniform Gift to Minors Act (UGMA) allows assets to be held by a custodian for the benefit of a minor. When the minor reaches the age of majority (typically 18 or 21), control shifts to the beneficiary.
- UTMA
The Uniform Transfers to Minors Act (UTMA) is a custodial account similar to a UGMA, but it also allows the custodian to hold other types of property, such as real estate, fine art, patents and royalties, and for the transfers to occur through inheritance.
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