Uniform Gifts to Minors Act

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Uniform Gifts to Minors Act
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Uniform Gifts to Minors Act and Uniform Transfers to Minors Act
Accounts governed by these acts allow a minor child to own property. The account is managed by a custodian until the child reaches the age of maturity.

Uniform Gifts to Minors Act - UGMA
An act that allows minors to own property such as securities. The IRS allows persons to give so many thousands of dollars to another person without any tax consequences.

Uniform Gifts to Minors Acts
A law that allows minors to own property without the use of a trust.
Univariate
Involving only one variable.

Uniform Gifts to Minors Act (UGMA)
Legislation that provides a tax-effective manner of transferring property to minors without the complications of trusts or guardianship restrictions.

Uniform Gifts to Minors Act (UGMA): A law adopted by many states that established a simple process for distributing gifts in custodial accounts (rather than trusts) to minors.

-U- Uniform Gifts to Minors Act (UGMA)/Uniform Transfer to Minors Act (UTMA)
Adopted by most states, the act permits a parent or guardian to give cash or securities to a minor child.
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A law similar to the Uniform Gifts to Minors Act that extends the definition of gifts to include real estate, paintings, royalties, and patents.

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An account created for a minor, where the custodian manages cash and other property gifted to minors under the Uniform Gifts to Minors Act (also known as the Uniform Transfers to Minors Act).

Estate and Gift Tax
Gifts of Stock
Non-Resident Aliens and US Holdings
Reporting Fund Distributions
Reporting Option Trades
Short Sales Treatment
Tax Swaps
Uniform Gifts to Minors Act (UGMA)
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Though minors can't open brokerage accounts in their own names, parents can set up custodial accounts under the Uniform Gifts to Minors Act, or the Uniform Transfer to Minors Act, depending on the laws in your state.
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Other tax-advantaged ways to save for college include Coverdell education savings accounts, Uniform Gifts to Minors Act ("UGMA") accounts, Uniform Transfers to Minors Act ("UTMA") accounts, tax-exempt municipal securities, and savings bonds.

See also: Transfer, Investment, Account, Stock, Share