The Uniform Transfers to Minors Act or UTMA allows a minor to receive gifts such as money, real estate, royalties, and fine art without the aid of a guardian or trustee. The UTMA account allows the gift giver or an appointed custodian to manage the minor’s account until the minor is of age. UTMA also shields the minor from tax consequences on the gifts, up to a specified value.
Jason is the founder of phroogal, creator of the award winning project Road to Financial Wellness, and author of the bestseller and New York Times reviewed book, You Only Live Once. Jason is a world traveler, certified yoga teacher, and breath work specialist.