UGMA

(redirected from Uniform Gifts to Minors Act)
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AcronymDefinition
UGMAUniform Gifts to Minors Act (largely replaced by UTMA)
UGMAUnion of German Malayalee Associations (Kerala cultural group; est. 1984)
UGMAUrban Gospel Media Alliance
UGMAUser Generated Media Alliance
UGMAUrban Growth Management Agreement (Oregon)
UGMAUnited Gospel Musicians Association (Ghana)
References in periodicals archive ?
Every state has either a Uniform Gifts to Minors Act or a Uniform Transfers to Minors Act.
Traditionally, the common way to save for children and other descendants was to make annual gifts to Uniform Gifts to Minors Act accounts (UGMA), which involved no lawyer, no trust, and no complications.
Taxpayers with young dependent children who are starting to plan how to pay for college should not overlook the use of the Uniform Transfers to Minors Act (or Uniform Gifts to Minors Act) for some portion of their savings for college plans.
Parents who wish to shift investment income to their children can establish custodian accounts under the Uniform Transfers to Minors Act or the Uniform Gifts to Minors Act. Interest, dividends, and capital gains may then be reported by their children, who will owe less tax.
Most state laws provide a way to establish a custodial account under either UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act).
Note: Under the official texts of the original (1956) and revised (1966) versions of the Uniform Gifts to Minors Act, gifts of securities and money can be made.
Many grandparents are familiar with UTMAs, (Uniform Transfer to Minors Accounts) or UGMAs (Uniform Gifts to Minors Act); they make contributions to them for the benefit of a grandchild.
Initially the contract will typically be owned by a parent, grandparent, trust, or obtained as a custodial gift under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act (see discussions on pages 477 and 562).
The Uniform Gifts to Minors Act (UGMA), The Uniform Transfers to Minors Act (UTMA) Accounts, and Coverdell Education Savings Accounts (formerly known as Education IRAs) are just some of the traditional ways to fund college.
The Uniform Gifts to Minors Act (UGMA) and Uniform Transfers to Minors Act (UTMA) provide a way for gifts to be made to children in custodianship.
* Generally, gifts of life insurance to minors in states that have adopted the UGMA (Uniform Gifts to Minors Act) or UTMA (Uniform Transfers to Minors Act) will qualify for the gift tax annual exclusion.
This rule holds even with respect to a gift under the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act where under either Act custodianship ends and the property is delivered to the donee when he attains age 18.
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