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What is the difference between an UGMA and an UTMA?

UGMA UTMA
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What is the difference between an UGMA and an UTMA?

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The UGMA (Uniform Gift to Minors Act) was created in 1956, the UTMA (Uniform Transfer to Minors Act) in 1986. Most states have now adopted the UTMA. Once a state adopts the UTMA, you can no longer establish an UGMA for a child living in that state.

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