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Simple English definitions for legal terms

Uniform Gifts to Minors Act (UGMA)

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A quick definition of Uniform Gifts to Minors Act (UGMA):

The Uniform Gifts to Minors Act (UGMA) is a way for adults to give money or financial securities to children without setting up a formal trust. The person giving the gift, or a custodian, manages the money for the child until they reach a certain age. Then, the child gets full control of the money. The gift is exempt from some taxes, but the child may have to pay taxes on it later. UGMA can make it harder for a child to get financial aid. It's different from a newer law called the Uniform Transfers to Minors Act (UTMA), which allows riskier and more types of assets to be given to a child.

A more thorough explanation:

The Uniform Gifts to Minors Act (UGMA) is a law that allows money and financial securities to be given to minors through a UGMA account. This can be done without creating a formal trust. The donor or a custodian manages the property for the minor’s benefit until the minor reaches a certain age. Once the child reaches a specified age set by the state, the child will have full control over the property.

For example, a grandparent may want to give their grandchild $10,000 to help pay for college. They can do this by setting up a UGMA account and designating the grandchild as the beneficiary. The grandparent or a custodian will manage the account until the grandchild reaches the age of majority, which is usually 18 or 21 depending on the state. At that point, the grandchild will have full control over the money and can use it for college or any other purpose.

One benefit of UGMA accounts is that gifts to the minor are exempted up to $15,000 a year from Federal taxes. However, any amount beyond this may be subject to taxes. Additionally, UGMA transfers allow the gift to be taxed based on the minor’s tax rate.

One downside of UGMA accounts is that they can reduce or make a minor ineligible for financial aid since the property is owned by the minor. It is important to consider this before setting up a UGMA account.

UGMA accounts are different from Uniform Transfers to Minors Act (UTMA) accounts, which allow more risky assets and tangible assets such as real estate to be transferred to the minor as well.

Uniform Commercial Code | uniform law

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ParallelAgreeableOrangutan
19:50
Anyway joke's on them, they're in Evanston not Chicago
20:07
actually northwestern law is in downtown chicago
20:07
it’s actually more chicago than UChi lol
20:25
Northwestern has a goated location, right by navy pier . But Northwestern's main campus is beatiful and in Evanston (goated location but different reasons)
esoterica
21:30
I like northwestern law location a lot but I did a self guided tour there and this 3L I met told me that if I want to do public interest I shouldn't go there bc career services provides no support
MrThickRopes
0:37
I fukcking
MrThickRopes
0:37
really loved this girk
MrThickRopes
0:37
girl
MrThickRopes
0:38
but legislation preventented me from saying so
MrThickRopes
0:38
he is perfect. she would be perfect before m after, or diuring if he was in charge
1:10
is he perfect?
@MrThickRopes: Careful Mr. ThickRopes. I once wrote a love letter to a girl and it was used against me in court. Best not to tell women how you really feel about them. Might get accused of Rape. Oh my God I am so Horny. Haven't fucked in 6 years now. Man oh man!
^^^^^^^^^ Imagine that shit gets presented in court and your boomer judge who doesn't understand A.I. does not surpress it. Good god!
I thought about this more. You know, if you were still in high school. The time it is easiest to start a relationship, I would say yes. Tell her how you feel. Any woman post undergrad though, nah don't risk it. Wait to see how she turns out as a person at 25 at the very minimum. You probably dodged a bullet.
love amirite
alexa play marvin gaye
globalcitizen
9:58
These are the kinda freaks collecting 100% disability , we work hard everyday to subsidize these buffoons
@ParallelAgreeableOrangutan: I am too that’s why I’m a Tulane crashout rn
18:54
yall we didn’t have to report if we were the complaining party in a criminal case right for character and fitness
18:55
omg i’m scared
18:56
like if i sued my ex for whoopin my azz
19:37
Red flag
19:38
suing someone for being a little freaky 🤪 💀
19:39
LMAO CRAZY
19:40
[deleted by esoterica]
19:41
[deleted by esoterica]
13:51
@esoterica: thanks 🙏 it was a bad joke
how can I look up data on are applicants on here?
It depends how they phrased the question. Some questions just ask if you've ever been charged
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