UGMA/UTMA account
Most financial institutions, at some point, have dealt with a depositor who wants to open an account for their child. Often, this accountholder is unsure as to how to structure the account. All they know is that they want to limit the child's access to the account until he or she is of "age". So how should things be handled? Can an account be opened for a child without letting the child get at the funds? Whose tax number should you collect? Should the child sign the account agreement?
This article will attempt to answer these questions and more by reviewing the Uniform Transfers to Minors Act (UTMA) or the Uniform Gifts to Minors Act (UGMA).
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