Uniform Transfers to Minors Act (UTMA)

Uniform Transfer to Minors Act
Uniform Transfer to Minors Act

Definition

Extension to Uniform Gifts to Minors Act that allowed gifts other than cash, such as property, to children under the age of majority of 18 or 21 without a tax consequence or the need for a trust or lawyer. Gifts given to minors under UTMA must be held until the child becomes an adult.

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