A UGMA provides a child under the age of 18, a minor, with a way to own investments. The money is in the minor’s name, but the custodian, usually the parent, has the responsibility to handle the money in a prudent manner for the minor’s benefit. The custodian has direct control over the gift and can sell and reinvest proceeds from the gift for the minor with the minor recognizing any gain and/or annual income that result. The parent cannot withdraw the money to use for his or her own needs.

No user commented in " Uniform Gift to Minors Account "

Follow-up comment rss or Leave a Trackback

Leave A Reply

 Username (*required)

 Email Address (*private)

 Website (*optional)