Uniform Gifts to Minors Act
See Uniform Transfers to Minors Act
abbrv.
UGMA

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


Uniform Gifts to Minors Act
A uniform law, adopted by many states, that allows an adult to give money or securities to a child but have the assets managed by someone of the donor's choosing, called a custodian. The gift is made during the donor's lifetime, not at death. The custodianship ends, and the property goes to the beneficiary outright, at an age set by state law, usually 18 or 21. Compare: Uniform Transfers to Minors Act
Category: Wills, Trusts & Estates

Nolo’s Plain-English Law Dictionary. . 2009.


Uniform Gifts to Minors Act
n. A law adopted by every state that creates a method for setting up a trust as a gift to minors. The gift is made by setting up a trust in the name of the custodian or registering the property in the name of the custodian "as custodian for . . . ." The statute also sets forth the terms under which the custodian may make withdrawals to be used for the benefit of the minor. Unless otherwise specified by the donor, the custody of the trust goes to the minor upon reaching age 18. Otherwise, custody passes at age 21.

Webster's New World Law Dictionary. . 2000.

Look at other dictionaries:

  • Uniform Gifts to Minors Act — The Uniform Gifts to Minors Act, commonly known as UGMA, is an act in some states of the United States that allows assets such as securities, where the donor has given up all possession and control, to be held in the custodian s name for the… …   Wikipedia

  • Uniform Gifts to Minors Act — See Gifts to Minors Act Transfers to Minors Act …   Black's law dictionary

  • Uniform Gifts to Minors Act — ( UGMA) Legislation that provides a tax effective manner of transferring property to minors without the complications of trusts or guardianship restrictions. Bloomberg Financial Dictionary …   Financial and business terms

  • Uniform Gifts to Minors Act - UGMA — An act that allows minors to own property such as securities. The IRS allows persons to give so many thousands of dollars to another person without any tax consequences. If this recipient person is a minor, the UGMA allows the minor to own the… …   Investment dictionary

  • Uniform Transfers to Minors Act — n. An act governing transfers of property to a trust managed by a custodian for the benefit of named minors; an act called the Uniform Gifts to Minors Act was the original law of this type, but the Uniform Transfers to Minors Act has replaced it… …   Law dictionary

  • Uniform Transfers to Minors Act — The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by most U.S. States, which provides a mechanism under which… …   Wikipedia

  • Uniform Transfers to Minors Act — ( UTMA) A law similar to the Uniform Gifts to Minors Act that extends the definition of gifts to include real estate, paintings, royalties , and patents . Bloomberg Financial Dictionary …   Financial and business terms

  • Uniform Transfers to Minors Act - UTMA — An extension of the Uniform Gifts to Minors Act that allows items other than cash or securities to be considered gifts. Other gifts that minors can receive include real estate, art, patents and royalties …   Investment dictionary

  • Transfers to Minors Act — The Uniform Transfers to Minors Act (UTMA) revises and replaces the Uniform Gifts to Minors Act (UGMA). As expanded, the Act allows the transfer of any type of property, real or personal, tangible or intangible, and wheresoever located (within or …   Black's law dictionary

  • List of Uniform Acts (United States) — In the United States, a Uniform Act or Uniform Law is a proposed state law drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL). TOC Drafting of uniform acts In the United States, a Uniform Act or Uniform Law is a… …   Wikipedia

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