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Uniform Gifts to Minors Act

The Uniform Gifts to Minors Act is a law adopted by many states that provides a method for giving irrevocable gifts to children while maintaining custodial control over the account. UGMA accounts are managed a custodian who acts on behalf of a minor. Eventually (at an age of 18 to 25, depending on the state) the assets have to be turned over to the child.

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