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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 ...
Uniform Fraudulent Transfer Act: 1984 Uniform Gifts to Minors Act: Uniform Guardianship and Protective Proceedings Act: 1997 Uniform Health-Care Decisions Act: 1993 Uniform Health-Care Information Act: 1985 Uniform International Wills Act: 1977 Uniform Interstate and International Procedure Act: 1962 [2] Uniform Interstate Arbitration of Death ...
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 ...
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 Law Commission (ULC), also called the National Conference of Commissioners on Uniform State Laws, [3] is a non-profit, American unincorporated association. . Established in 1892, the ULC aims to provide U.S. states (plus the District of Columbia, Puerto Rico, and the U.S. Virgin Islands) with well-researched and drafted model acts to bring clarity and stability to critical areas of ...
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If an organization is to qualify for tax exempt status, the organization's (a) charter — if a not-for-profit corporation — or (b) trust instrument — if a trust — or (c) articles of association — if an association — must specify that no part of its assets shall benefit any people who are members, directors, officers or agents (its principals).
In the United States, a uniform act is a proposed state law drafted and approved by the Uniform Law Commission (ULC), also known as the National Conference of Commissioners on Uniform State Laws (NCCUSL). [1] Federalism in the United States traditionally limits the legislative authority of the federal government in favor of the states.