Uniform Transfer to Minors Act - UTMA
Uniform Transfer to Minors Act - UTMA
Uniform Transfer to Minors Act, or UTMA, is legislation that allows parents to establish a trust account for their children. The trust account can invest in securities, as well as real estate, patents, royalties, and fine art on behalf of a minor child. Assets deposited to the account are subject to gift taxation laws. When the child reaches the age of 18 or 21 (depending on the state), she receives full control of the assets in the account.
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