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The term custodial account typically refers to uniform transfer to minors accounts (UTMA) and uniform gift to minors accounts (UGMA). Each state manages its own UTMA/UGMA program.
One way to do both is with a custodial brokerage account, often referred to as an UTMA or UGMA account -- named for the Uniform Transfer to Minors Act and the Uniform Gift to Minors Act -- that is ...
Uniform Gifts to Minors Act (UGMA) accounts: UGMA accounts can hold financial assets such as cash, securities, annuities and insurance policies. These accounts can be opened in all 50 states ...
The Uniform Gifts to Minors Act (UGMA) is an act in some states of the United States that allows assets such as securities, where the donor has given up all possession and control, to be held in the custodian's name for the benefit of the minor without an attorney needing to set up a special trust fund. This allows a minor in the United States ...
In the United States, the Uniform Transfers to Minors Act provides for the possibility of bank accounts, brokerage accounts, and other property to be held in a custodial capacity under the Act so that the custodian has the right to control the property but that legal title is deemed to be in the minor for many purposes.
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...
A minor child should have a custodial account, while an adult may have a regular account. While you could transfer the stock as physical certificates, it’s merely a novelty to do so.
Merrill Edge's services are available to individual investors, as well as small business owners and corporate clients. The platform provides a range of account types, including individual and joint brokerage accounts, retirement accounts such as IRA, Roth IRA, custodial accounts for minors, as well as 529 plans for education savings. [22]
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