Investor Glossary-uniform gift to minors actInvestor Glossary-uniform gift to minors actInvestor Glossary-uniform gift to minors actInvestor Glossary-uniform gift to minors actInsightful stock market charts - Click here
investor
Categories    # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Uniform Gift To Minors Act

The HTML to link to this page
 

The Uniform Gift to Minors Act creates a custodial vehicle by which anyone can transfer assets to a minor without forming a trust. A Uniform Gift to Minors Act account can be set up through a financial institution such as a bank, and assets in a Uniform Gift to Minors Act account may include stocks, bonds, mutual funds, savings accounts, and life insurance. Contributions to a Uniform Gift to Minors Act account are considered gifts, and any earnings from a Uniform Gift to Minors Act account are reported to the IRS under the minor's social security number. According to the Uniform Gift to Minors Act, a custodian is appointed to manage a Uniform Gift to Minors Act account and he or she is required to make responsible investment decisions. When a minor becomes a legal adult (18 or 21 in most states) he or she may take control of his or her Uniform Gift to Minors Act account. The Uniform Transfer to Minors Act (UTMA) creates a similar vehicle that replaces the Uniform Gift to Minors Act in some states.



Rate this Uniform Gift to Minors Act definition...

Learn about investing with the Investor Glossary Term of the Day


Click here for insightful stock market charts. Where is the market headed? The answer may surprise you. Find out
with the exclusive & Barron's recommended charts of Chart of the Day.


Popular Terms: 1035 exchange, phantom income, command economy, diluted share, LIBOR, per diem, ex-dividend date, debt service coverage, cancelled check, Zero Cost Collar, dividends payable, implied volatility, 1031 exchange, labor relations, 144a, covered put, irrevocable trust, class C shares, quality assurance, liquidity ratio, annual return, deferred tax, margin rate, reverse mortgage, deferred revenue, inflation, stock market close, limit order, retained earnings, VIX, current ratio, FTSE, Key Rate Duration, balance sheet, APR, required rate of return, stock split, FICO score, 401a, minority interest, open position, real GDP, option premium, wholly-owned subsidiary, risk management, ex-dividend, in escrow, average price per share, EBITDA


Accounting | Banking | Bonds | Brokers | Economy | Futures | Mutual Funds | Options | Real Estate | Retirement | Stocks | Taxes | Technical Analysis
Investor Glossary | Term of the Day | Suggest a Term | Chart of the Day | Dogs of the Dow
©2004-2016 Investor Glossary - All rights reserved - Terms of Use