Uniform Gifts to Minors Act (UGMA)

Definition of "Uniform Gifts to Minors Act (UGMA)"
  1. A widely adopted standard that enables an adult to donate financial assets to a minor under the management of a custodian chosen by the donor; the minor gains complete ownership of these assets when they reach a legal age determined by state law, typically 18 or 21
How to use "Uniform Gifts to Minors Act (UGMA)" in a sentence
  1. Under the Uniform Gifts to Minors Act (UGMA), his aunt could donate stocks to him with her brother acting as custodian until he turns 21.
  2. Using the Uniform Gifts to Minors Act (UGMA), they set up a fund for their granddaughter which she could access at 18.
  3. The Uniform Gifts to Minors Act (UGMA) allowed the child to receive bonds from her family member with a trusted adult managing them until she reached the age of 21.

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