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Uniform Gifts to Minors Act (UGMA)
The Uniform Gift to Minors Act permits irrevocable gifts of money and securities to minors. The Act gives the power of management to a custodian until the minor reaches the age of majority. The age of majority is the age that an individual is considered an adult. This age differs from state to state, but in most states it is 18.
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- Part of Speech: noun
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- Industry/Domain: Financial services
- Category: Funds
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