The Uniform Gift to Minors Act (UGMA) and the Uniform Transfer to Minors Act (UTMA) make it simple to transfer property to a minor without a formal trust and without the restrictions applicable to the guardianship of a minor’s property.
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The Uniform Gift to Minors Act (UGMA) and the Uniform Transfer to Minors Act (UTMA) make it simple to transfer property to a minor without a formal trust and without the restrictions applicable to the guardianship of a minor’s property.
Assets in the account become an irrevocable gift to the minor under the Uniform Gift to Minors Act or the Uniform Transfer to Minors Act (UGMA/UTMA). Custodial accounts are not tax-deferred. Taxation of earnings will be dependent on the minor’s tax rate.
May 14, 2017
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