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Are UGMA Accounts taxable?

Many custodial accounts are Uniform Gift to Minors Act or Uniform Transfer to Minors Act accounts. These are taxable brokerage accounts. UGMA accounts allow adults to give minors cash or securities. UTMA accounts are similar, but they also allow transfers of real estate, art and other assets not permitted in a UGMA account.

What are UTMA and UGMA Accounts?

UTMA and UGMA accounts are types of custodial accounts that allow you to save and transfer financial assets to a minor child without establishing a trust. UTMA stands for Uniform Transfers to Minors Act, and UGMA stands for Uniform Gifts to Minors Act.

What can I use UGMA funds for?

You can use funds in a UGMA/UTMA account for anything. While your child is still a minor, you can use the funds in a UTMA or UGMA account to pay for expenses that benefit the child, such as school clothes and summer programs. Once your child reaches adulthood, the UGMA funds belong to them.

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