Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

Uniform Gifts to Minors Act

Read a random definition: group litigation

A quick definition of Uniform Gifts to Minors Act:

The Uniform Gifts to Minors Act, also known as UGMA, is a law that allows adults to give money or property to children without the need for a trust or complicated legal process. This money or property is held in a custodial account until the child reaches a certain age, usually 18 or 21, and can be used for their benefit in the meantime. It's a way for adults to give gifts to children in a simple and straightforward manner.

A more thorough explanation:

The Uniform Gifts to Minors Act (UGMA) is a law that allows adults to give money or property to a minor without the need for a trust or guardianship. The assets are held in a custodial account until the minor reaches the age of majority, which is usually 18 or 21 depending on the state.

For example, a grandparent may want to give their grandchild a gift of $10,000. Instead of setting up a trust or guardianship, they can use the UGMA to establish a custodial account for the child. The grandparent would name a custodian, who would manage the account until the child reaches the age of majority.

Another example is a parent who wants to transfer ownership of a rental property to their child. Instead of going through the complicated process of setting up a trust or guardianship, they can use the UGMA to transfer ownership to a custodial account for the child.

The UGMA is a useful tool for parents and grandparents who want to give gifts to minors without the need for a trust or guardianship. It allows for a simple and straightforward transfer of assets to a custodial account, which can be managed by a custodian until the child reaches the age of majority.

Uniform Fraudulent Transfer Act | Uniform Health-Care Decision Act

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
m10
20:42
Get the ones that are dressed up then!
@JumpySubsequentDolphin: LITERALLY I also just applied to work at garage cuz 50% EMPLOYEE DISCOUNT
m10
20:43
Or legacy collection v1
JumpySubsequentDolphin
20:43
@SplitterusClitterus: GARAGE JEANS FIT ME SO WEIRDLY WHICH SUCKS BC THEYRE SO CUTE
m10
20:43
The cool thing about V2 was it was an infinitely generating collection so they would have never sold out but they ended it early cus of the bear market.
@JumpySubsequentDolphin: NAURRR i need to try them on to see. ive never owned anything from them exceot maybe a tank in middle school?? but ive been a longtime lurker/windowshopper/fan
JumpySubsequentDolphin
20:45
SPLITTY if their jeans fit on my thighs they’re too big on my waist!!! it’s so frustrating
NOOO THEIR WHITE GIRL JEANS actually idk why im surprised
THEYRE**** THAT WAS AUTOCORREXT I SWEAR
babycat
20:46
@m10: infinitely generating means it comes up with new pictures? or new copies of the same pictures?
JumpySubsequentDolphin
20:46
if you’re the slightest bit curvy they are so obnoxious. me and my Abercrombie curve love’s are good together
SHUT UP I LOVE ABERCROMBIE JEANS
m10
20:47
Did y'all see this from ararara last night? https://studicata.com/case-briefs/all/
THOSE FIT SOO GOOD. i desperately need new jeans tho i ahvent gone shopping in millennia so a discount would come in clutch
JumpySubsequentDolphin
20:48
I got these jeans from re/done on a crazy sale and I love them BYT RHEY HAVE FIVE BUTTONS
JumpySubsequentDolphin
20:48
I DIDNT REALIZE WHEJ I BOUGHT THEM BC THEYRE HIDDEN. LIKE INSTEAD OF A ZIPPER THEYREBALL BUTTONS
JumpySubsequentDolphin
20:48
what if I have to pee.
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
LSD+ is ad-free, with DMs, discounts, case briefs & more.