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Morgan Stanley Wire Form Utmaugma

Morgan Stanley Wire Form Utmaugma

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hey everybody welcome back to investing with wesley today i want to talk to you about what's considered the og and the classic way to invest for your child it doesn't necessarily need to be for educations or anything in specific the accounts i'm talking about are your regular kind of custodial accounts the agma utma accounts let's get into it so the ugma account the ugma account was the first custodial account that was introduced it was introduced in 1956 and ugma stands for uniform gift to miners act this is an account that anyone can set up for pretty much any minor all you need to know is the name social security s and address of where that miner lives in order to set up one of these accounts you don't necessarily have to be a relative or anyone in particular to set up an account for this particular miner and the purpose of this was to encourage parents and family members to start saving and investing for these miners before they turned 18. and one of the huge benefits of the ugma a

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