UGMA, UTMA and 529 Plans
A question often comes up amongst folks of a certain age regarding UGMA/UTMA accounts. Namely, since many of our parents used them for us about a generation ago, are they still tools that we should be considering for our college savings for our kids today. Or, perhaps of slightly greater complexity, if they already have a UGMA or UTMA account for their kids, what, if anything, should they do with them?
So what are UGMA/UTMA accounts, anyway? UGMA stands for the Uniform Gifts to Minors Act,…
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