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Simple English definitions for legal terms

Uniform Gifts to Minors Act

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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

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21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
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