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Introduction: What Is the Uniform Transfers to Minors Act (UTMA)? The Uniform Transfers to Minors Act (UTMA), initially established in 1985, is a law that enables minors to legally receive various types of assets without requiring a formal trust or guardianship. UTMA is an extension of the Uniform Gifts to
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What is a Custodial Account? A custodial account is a specialized type of investment account designed to hold assets for minors. It offers several advantages and comes in two main varieties: Uniform Transfers to Minors Act (UTMA) accounts and Uniform Gift to Minors Act (UGMA) accounts. This section will explain
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Introduction to Accounts in Trust An account in trust is a financial arrangement where an individual opens and manages an account for the benefit of a third party, known as the beneficiary. The account can hold various assets such as cash, stocks, bonds, mutual funds, real estate, and other types
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