Uniform Transfers to Minors Account (UTMA)

The article may contain affiliate links from partners. The words, opinions, and reviews are our own. Learn how we make money to support our financial wellness mission.

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.

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Main Menu