Business and Personal Finance Dictionary

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• UNIFORM TRANSFERS TO MINORS ACT (UTMA)
  
  The UTMA allows an adult to set up a custodial account for a minor, who then owns any assets placed in the account. The UTMA is similar to the Uniform Gifts to Minors Act in many respects. You can use an UTMA to gift assets in addition to cash and securities, including real estate, fine art, antiques, patents, and royalties. In addition, in all 50 states, the child must be 21 to gain control of the assets in the account. In some states, the UTMA has replaced the UGMA, while in others, both are available.
  
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