Series 24: 3.2.3.2. UGMA And UTMA Accounts

Taken from our Series 24 Online Guide

3.2.3.2. UGMA and UTMA Accounts

Most states have enacted a Uniform Transfers to Minors Act, which supplements or replaces their previous Uniform Gifts to Minors Act. An UGMA/UTMA account is an account opened by an adult on behalf of a minor, in order to save and invest for the minor’s needs. The adult is known as the custodian, and

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