Financial Help: Uniform Gift To Minors Act
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The uniform gift to minors act is an excellent way to start helping your children start saving for a successful financial future. The uniform gift to minors act is adopted by almost all states and can greatly help your children. Check with your local government or a financial institution if the uniform gift to minors act is in your state.
What Does the Uniform Gift to Minors Act Do?
The uniform gift to minors act allows an adult to contribute monetary values into an account to help fulfill a successful future for their children. This type of account is a custodial account that can be in the minors name. This can all be done without having to make a trust or even make a legal guardian.
Because of this act minors can have securities and other assets bought and invested in their names. The person who does the buying is in charge of the funds in the count. Once the child reaches the legal age to handle the account he or she will obtain full rights to the account. At this time the parent will loose full rights to the account.
One benefit of this is that when the account is handed over to the minor, the account will be taxed at the minors tax bracket, not the parents. This can save a lot of money going to taxes. Putting money into an account like this can have one disadvantage. That is in the form of financial aid if a child will be seeking it later in life. When deciding a childs eligibility for financial aid the childs assets will be looked at. This could deter any financial aid decisions.
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Posted on: Monday, June 23, 2008 at 2:29 pm 
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