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Have you heard about the UGMA but aren’t sure how it works? The Uniform Gifts to Minors Act (UGMA) can be a powerful financial tool for parents and grandparents looking to invest in a child’s future. Whether you’re a parent planning for your child’s education, a grandparent wanting to leave a meaningful legacy, or a financial planner guiding clients, understanding the UGMA is crucial.
This guide will explain the essentials of UGMA accounts, exploring their nature, operation, benefits, and potential limitations. By the end, you’ll have a clear understanding of how to use this financial tool to help secure a brighter future for the next generation.
What Is an UGMA Account?
The Uniform Gifts to Minors Act (UGMA) is a U.S. law that allows adults to transfer property, stocks, cash, and other assets to minors without the need for formal trust or legal documentation. It paves the way for custodial accounts, which are straightforward investment tools for minors.
Essentially, UGMA accounts are custodial investment accounts established for children under the age of 18 (or 21, depending on the state). A custodian, such as a parent or grandparent, manages the account until the minor reaches the age of majority, at which point they gain full control of the funds.
UGMA vs. UTMA
It’s worth noting that the UGMA often gets lumped together with another law, the Uniform Transfers to Minors A… Read More
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