Uniform gifts to minors act

The Uniform Gifts to Minors Act (UGMA), developed in 1956 and revised in 1966, allows individuals to give or transfer assets to underage beneficiaries—traditionally, parents and their children, respectively. The amount is free of gift tax, up to a certain amount. The assets are usually placed in UGMA accounts on behalf of minors, eliminating the need for an attorney to establish a special trust fund—Read more at Investopedia. Segal, Troy. “Uniform Transfers to Minors Act (UTMA).” 7 April 2019