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An easy explanation of Uniform Gift to Minors Act (UGMA) including the benefits and disadvantages. If you’re interested in setting up a UGMA for a minor, this video gives a breakdown of how they work!
CHAPTERS
0:00 – Uniform Gift to Minors Act
1:35 – What is a UGMA
2:24 – Who is eligible to open a UGMA
2:41 A note about taxes
3:56 – Contribution limits
4:15 – Benefits of UGMAs
4:56 – Cons of UGMAs
6:13 – Why you would want one
7:16 – Where you can open a UGMA
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