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Transfer Uniform Minors Act

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Instructions and help about uniform transfer to minors act age requirement

the uniform gifts to minors act is an act in some states of the United States that allows us it's such as securities where the donor has given up all possession and control to be held in the custodians name for the benefit of the miner without an attorney needing to set up a special trust fund this allows a miner in the United States to have property set aside for the - benefit and may achieve some income tax benefit for the child's parents once the child reaches the age of majority the assets become the property of the child and the child can use them for any purpose contributing money to a new GMA account on another person's behalf could be subject to give tax however the Internal Revenue Code of the United States allows persons to give up to the annual gift tax exclusion to another person without any gift tax consequences and gifts exceeding that amount as long as total gifts are below the lifetime limits in the majority of states that have adopted the unifor

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