The Uniform Transfers to Minors Act (UTMA) provides a simple, inexpensive way to transfer ownership of cash and other financial assets to children. Many people have questions about custodial accounts for minors. Our extensive guide deals with many of the most important issues. Custodial Accounts 10...
Custodial accounts, known as Uniform Transfer to Minors (UTMA) or Uniform Gift to Minors (UGMA) are different from college savings accounts. Learn more from our comparison table.Mobile access anytime, access anywhere Wells Fargo Advisors empowers your investment. Use your smartphoneOpens Dialog or...
There are two main types of custodial accounts: Uniform Transfer to Minor Act (UTMA) accounts and Uniform Gift to Minors Act (UGMA) accounts. Both were made possible by the U.S. laws by which these accounts are known. You can contribute nearly any type of asset to an UTMA account, incl...
You may also see custodial accounts described as UGMA/UTMA accounts. This is based on the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act — the legislature that allowed for the formation of these custodial accounts. To arrive at our list of the best custodial accounts, ...
Types of Custodial Accounts There are two types of custodial accounts:Uniform Transfers to Minors Act (UTMA)andUniform Gift to Minors Act (UGMA). Each type of account has its pros and cons, but the main difference is the type of assets that can be used in each account. ...
Home Kids and College UTMA and UGMA Custodial Accounts for Minors Problems with Custodial Accounts Problems with Custodial Accounts Reasons to be cautious about the use of custodial accounts. Table of Contents You can’t take it back Did you say age 21? Financial aid One child only Estate tax...
(redirected fromCustodial Accounts) Dictionary Financial Graphic Thesaurus🔍 DisplayON AnimationON Legend Synonym Antonym Related </>embed</> cash account custodial... noun Words related to custodial account nouna brokerage firm account that parents have created for a minor ...
Money put into custodial accounts becomes the property of the child and can only be used for their benefit. The state legislation that allows for gifts to children is the Uniform Gifts to Minors Act (UGMA) or the Uniform Transfers to Minors Act (UTMA). One or both of those acronyms are ...
Parents should take this risk into account when determining whether to act as custodians of accounts they fund for their children. Where grandparents create a custodial account and name the parents as custodians, the custodial assets may still be considered to be part of the parents’ estate, ...
There are two types of custodial accounts: theUniform Transfers to Minors Act (UTMA)and theUniform Gift to Minors Act (UGMA). The UTMA is allowed in all states except Vermont and South Carolina. The UGMA is allowed in all 50 states.3 A UTMA account can hold virtually any kind of asset,...