Definitions for "Uniform Transfer to Minors Act"
UTMA. Law which extends the Uniform Gift to Minors Acts definition of a gift...
Law which extends the Uniform Gift to Minors Act's definition of a gift to include real estate, fine art, patents and royalties.
A tax-advantaged custodial account for college savings. An adult acts as the custodian for the account and makes all the investment decisions until the beneficiary reaches the age of majority. These accounts are very similar to UGMA accounts, but in addition to money and securities, UTMA accounts can also hold real estate, fine art, and patents and royalties.