Financial Help: Uniform Transfers To Minors Act
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The uniform transfers to minors act extends the uniform gift to minors act. The uniform gift to minors act (UGMA) allows for parents to give stocks and bonds in an account for their children. Once their children reach a certain age they will obtain full rights to these stocks and bonds. The uniform transfers to minors act further extends this.
Extending the UGMA with the Uniform Transfers to Minors Act
The uniform transfers to minors act extends the UGMA by allowing not only stocks and bonds to be transferred, now many types of investments can be transferred. Some of these assets include real estate, patents, fine art, and royalties. This makes every child able to receive a parents success in life.
The uniform transfers to minors act can be set up with your children with a financial advisor in little to no time. These documents are easy to set up and all you have to do is sign them and an account can be established. Look to any financial institution to establish this type of account for your children.
If you are not sure you want to establish this type of account for your children, look into something that you can have more control over. You can have complete control over a trust account. This can do almost the same thing, except you have full authority over the account until you decide to give it away.
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Posted on: Sunday, June 22, 2008 at 2:32 pm 
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