Uniform Gifts to Minors Act (UGMA)
- 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
- 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.
- Using the Uniform Gifts to Minors Act (UGMA), they set up a fund for their granddaughter which she could access at 18.
- 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.