Uniform Transfers to Minors Act - UTMA

Filed Under » Acronyms , Taxes

	Definition of 'Uniform Transfers to Minors Act - UTMA' An extension of the Uniform Gifts to Minors Act that allows items other than cash or securities to be considered gifts.
	Investopedia explains 'Uniform Transfers to Minors Act - UTMA' Other gifts that minors can receive include real estate, art, patents and royalties.

Related Definitions

Custodial Account

1. An account created at a bank, brokerage firm or mutual fund company that is managed by an adult for a minor that is under the age of 18 to 21 (depending on state legislation). 2. A ...
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Estate

All of the valuable things an individual owns, such as real estate, art collections, collectibles, antiques, jewelry, investments and life insurance.
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Fiduciary

1. A person legally appointed and authorized to hold assets in trust for another person. The fiduciary manages the assets for the benefit of the other person rather than for his or her ...
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- Uniform Gifts to Minors Act - UGMA
  
  An act that allows minors to own property such as securities. The IRS allows persons to give so many thousands of dollars to another person without any tax consequences. If this ...
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Leaving Inheritance To Children Easier Said Than Done

Consider your own retirement needs when deciding whether to leave an inheritance.
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Designating A Minor As An IRA Beneficiary

Leaving liquid assets like cash or securities to minors can be a complicated procedure. Make sure you understand how your gift will be distributed, managed and taxed.
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