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UGMA |
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Another investment vehicle that can serve as a holiday gift is UGMA property, or the Uniform Gifts to Minors Act. The following case serves as a reminder of how dangerous the use of UGMA accounts can be. Existing UGMA accounts should be used to pay for elementary and secondary school education, summer camp, vacations and other allowable expenses; taxpayers can, in turn, use the funds that were earmarked for these expenses to fund a Sec. |
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