Dictionary of Exit Planning Terms

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Uniform Gifts to Minors Act (UGMA)

An act passed in some states of the United States that allows certain assets to be held in the custodians name for the benefit of a minor. Other states have passed the Uniform Transfer to Minors Act (UTMA) in which assets are treated similarly. A UGMA or UTMA account allows the assets to be taxed at the minors income tax bracket.