UTMA

Important Considerations for Uniform Transfer to Minors and Uniform Gift to Minors Accounts

Important Considerations for Uniform Transfer to Minors and Uniform Gift to Minors Accounts

Parents and grandparents often ask how they can set up an account for minor children, to help them build good saving habits or to make financial gifts, while also delaying access until a future point in time. One common approach is to open a Uniform Transfer to Minors Act account (UTMA) or Uniform Gift to Minors Account (UGMA).